Question
A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to
A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to ending inventory and cost of goods sold using LIFO.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
| April 1 | Beginning Inventory | 175 units @ $15.00 | |
| 4 | Purchase | 150 units @ $16.00 | |
| 7 | Sales | 160 units @ $30.00 | |
| 10 | Purchase | 200 units @ $17.00 | |
| 16 | Sales | 250 units @ $30.00 | |
| 25 | Purchase | 160 units @ $18.00 | |
| 28 | Sales | 150 units @ $32.00 |
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Canadian Cases In Financial Accounting
Authors: Carol E. Dilworth, Joan E. D. Conrod
2nd Edition
256111405, 978-0256111408
