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st layer out under LIF

st layer out under LIF

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Requirement 3. Prepare a perpetual inventory record using LIFO. Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first.) Date Qty Mar Mar Mar 12 1 4 Mar 22 Mar Total 31 Purchases Unit Cost Total Cost Cost of goods sold Unit Total Qty Cost Cost Inventory on hand Unit Cost Qty Total Cost
Transcribed Image Text:Requirement 3. Prepare a perpetual inventory record using LIFO. Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first.) Date Qty Mar Mar Mar 12 1 4 Mar 22 Mar Total 31 Purchases Unit Cost Total Cost Cost of goods sold Unit Total Qty Cost Cost Inventory on hand Unit Cost Qty Total Cost
Date Mar Item 1 Balance 4 Purchase 12 Sale 22 Purchase 31 Sale Quantity Unit Cost 20 $ 80 $ 81 54 $ 31 50 55 58
Transcribed Image Text:Date Mar Item 1 Balance 4 Purchase 12 Sale 22 Purchase 31 Sale Quantity Unit Cost 20 $ 80 $ 81 54 $ 31 50 55 58
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