Question
A merchandising company uses the perpetual method of accounting for inventory. In the first month of operations (July), they made the following inventory purchases: 5
A merchandising company uses the perpetual method of accounting for inventory. In the first month of operations (July), they made the following inventory purchases: 5 units on July 1 at a cost of $15 each. 10 units on July 14 at a cost of $20 each They made two sales between July 1 and July 15. (Details are included in the table below.) Enter the total amount that would be debited to Cost of Goods Sold for each sale, under FIFO and LIFO inventory valuation methods. (Do not use $ signs or decimals in your answer.)
Table of COGS for various transactions
COGS under FIFO and LIFO
Transaction FIFO LIFO
Sale of 4 units on July 12
Sale of 6 units on July 15
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