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The following transactions occurred for the month of May. Date Units Cost per Unit Total Cost Sales Price per Unit 1 - May Beginning Balance 60 $ 12 $ 720 2 - May Purchase 70 $ 10 $700 3 - May Purchase 85 $ 11 $935 10 - May Sale 125 $30 15 - May Purchase 30 $ 18 $540 17 - May Sale 45 $30 30 - May Sale 40 $30 Requirement: Calculate the Cost of Goods Available for Sale, Cost of Goods Sold, Ending inventory, and Gross Profit for the month using the LIFO method.

The following transactions occurred for the month of May. Date Units Cost per Unit Total Cost Sales Price per Unit 1 - May Beginning Balance 60 $ 12 $ 720 2 - May Purchase 70 $ 10 $700 3 - May Purchase 85 $ 11 $935 10 - May Sale 125 $30 15 - May Purchase 30 $ 18 $540 17 - May Sale 45 $30 30 - May Sale 40 $30 Requirement: Calculate the Cost of Goods Available for Sale, Cost of Goods Sold, Ending inventory, and Gross Profit for the month using the LIFO method.

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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The following transactions occurred for the month of May. Date Units Cost per Unit Total Cost Sales Price per Unit 1 - May Beginning Balance 60 $ 12 $ 720 2 - May Purchase 70 $ 10 $700 3 - May Purchase 85 $ 11 $935 10 - May Sale 125 $30 15 - May Purchase 30 $ 18 $540 17 - May Sale 45 $30 30 - May Sale 40 $30 Requirement: Calculate the Cost of Goods Available for Sale, Cost of Goods Sold, Ending inventory, and Gross Profit for the month using the LIFO method.
Transcribed Image Text:The following transactions occurred for the month of May. Date Units Cost per Unit Total Cost Sales Price per Unit 1 - May Beginning Balance 60 $ 12 $ 720 2 - May Purchase 70 $ 10 $700 3 - May Purchase 85 $ 11 $935 10 - May Sale 125 $30 15 - May Purchase 30 $ 18 $540 17 - May Sale 45 $30 30 - May Sale 40 $30 Requirement: Calculate the Cost of Goods Available for Sale, Cost of Goods Sold, Ending inventory, and Gross Profit for the month using the LIFO method.
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