Perpetual Inventory Using LIFOThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory3,800 units at $41Apr. 19Sale2,500 unitsJune 30Purchase4,600 units at $45Sept. 2Sale4,900 unitsNov. 15Purchase1,800 units at $48The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the formillustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.Schedule of Cost of Goods SoldLIFO MethodPukchasesCost of Goods SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostJan. 1Apr. 19June 30Sept. 2 June 30Purchase4,600 units at $45Sept. 2Sale4,900 unitsNov. 15Purchase1,800 units at $48The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the formillustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.Schedule of Cost of Goods SoldLIFO MethodCost of Goods SoldInventoryPurchasesQuantityTotal CostQuantityUnit CostTotal CostDateQuantityUnit CostTotal CostUnit CostJan. 1.Apr. 19June 30Accounting numeric fieldSept. 2Nov. 15Dec. 31Balances

Inventory: Inventory means to stock it may be raw materials, work-in-process or finished goods Goods…

The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.

The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.

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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Please help me with required 1 and 2.
The following information relates to the retail inventory method used by Jeffress Company: 1. Compute the ending inventory by the retail inventory method using the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO, b. average cost, c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail in,,entory method to produce accurate estimates of ending inventory?
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