The following units of a particular item were available for sale during the calendar year:Jan. 1Inventory4,100 units at $39Apr. 192,500 unitsJune 304,400 units at $45Sept. 25,100 unitsNov. 151,900 units at $48DateJan. 1Apr. 19The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.June 30Sept. 2Nov. 15SaleDec. 31PurchaseSalePurchaseQuantityBalancesPurchasesUnit CostTotal CostSchedule of Cost of Goods SoldLIFO MethodQuantityCost of Goods SoldUnit CostTotal Cost$QuantityInventoryUnit CostTotal Cost$

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Description: The following units of a particular item were available for sale during the calendar year:Jan. 1Inventory4,100 units at $39Apr. 192,500 unitsJune 304,400 units at $45Sept. 25,100 unitsNov. 151,900 units at $48DateJan. 1Apr. 19The firm maintains a pe

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The following units of a particular item were available for sale during the calendar year: Inventory 4,100 units at $39 Sale 2,500 units 4,400 units at $45 Sale 5,100 units Purchase 1,900 units at $48 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 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. Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Purchase Quantity Balances Purchases Unit Cost Total Cost $ Schedule of Cost of Goods Sold LIFO Method Quantity Cost of Goods Sold Unit Cost $ Total Cost $ Quantity Inventory Unit Cost $ Total Cost $ Exhibit

The following units of a particular item were available for sale during the calendar year: Inventory 4,100 units at $39 Sale 2,500 units 4,400 units at $45 Sale 5,100 units Purchase 1,900 units at $48 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 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. Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Purchase Quantity Balances Purchases Unit Cost Total Cost $ Schedule of Cost of Goods Sold LIFO Method Quantity Cost of Goods Sold Unit Cost $ Total Cost $ Quantity Inventory Unit Cost $ Total Cost $ Exhibit

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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