Using a LIFO perpetual cost flow and the following data for Beamer Company, determine the value of the ending inventory and the cost of merchandise sold for the month of November. Nov. 1 Purchase 600 units $80 each 4 Sale 200 units 11 Purchase 350 units $82 each 12 Sale 275 units 22 Purchase 175 units $84 each 23 Sale 155 units a. Calculate the inventory valuation at the end of November. $fill in the blank 1 b. Calculate the cost of merchandise sold for November. $fill in the blank 2
Using a LIFO perpetual cost flow and the following data for Beamer Company, determine the value of the ending inventory and the cost of merchandise sold for the month of November. Nov. 1 Purchase 600 units $80 each 4 Sale 200 units 11 Purchase 350 units $82 each 12 Sale 275 units 22 Purchase 175 units $84 each 23 Sale 155 units a. Calculate the inventory valuation at the end of November. $fill in the blank 1 b. Calculate the cost of merchandise sold for November. $fill in the blank 2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using a LIFO perpetual cost flow and the following data for Beamer Company, determine the value of the ending inventory and the cost of merchandise sold for the month of November.
Nov. | 1 | Purchase | 600 units | $80 each | ||
4 | Sale | 200 units | ||||
11 | Purchase | 350 units | $82 each | |||
12 | Sale | 275 units | ||||
22 | Purchase | 175 units | $84 each | |||
23 | Sale | 155 units |
a. Calculate the
$fill in the blank 1
b. Calculate the cost of merchandise sold for November.
$fill in the blank 2
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