Intermediate Accounting
1st Edition
ISBN: 9780132162302
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 10, Problem 10.10BE
LIFO. Perpetual Basis. Source Enterprises reports the following inventory information. for the current year.
| LIFO Inventory | ||
| Description | Unit Cost × Units | Total Cost |
| Beginning inventory: January 1 | ||
| First layer | $ 9 × 800 | $ 7,200 |
| Second layer | $13 × 1,100 | 14,300 |
| Total beginning inventory | 1,900 | $21,900 |
| Purchases or production: | ||
| August 31 | $ 16 × 700 | 11,200 |
| Cost of goods available for sale | 2,600 | $32, 700 |
| Units sold on December 1 at $9.60 | (2.300) | |
| Ending inventory: December 31 | 300 | |
Compute the ending inventory and the cost of goods sold under the UFO perpetual basis.
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Chapter 10 Solutions
Intermediate Accounting
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