Assume

Box OfficeBox Office

uses a perpetual record-keeping system and the LIFO cost flow method.

1. nbsp1.	Calculate the cost of goods sold that will appear on the income statement for the month of August.
2. nbsp2.	Determine the cost of inventory that will appear on the balance sheet at the end of August.

a. Calculate the cost of goods sold that will appear on the income statement for the month of August. (Enter 0's for any layers where there were no unitssold.)

	Units	x	Cost per Unit	=	Total Cost
Units from beginning inventory		x		=
Units from August 11 purchase		x		=
Units from August 14 purchase		x		=
Units from August 26 purchase		x		=
Cost of Goods Sold - LIFO method

b. Determine the cost of inventory that will appear on the balance sheet at the end of August. (Enter 0's for any layers where there were no units sold.)

	Units	x	Cost per Unit	=	Total Cost
Units from beginning inventory		x		=
Units from August 11 purchase		x		=
Units from August 14 purchase		x		=
Units from August 26 purchase		x		=
Cost of Inventory - LIFO method

Enter any number in the edit fields and then continue to the next question.

Purchased four units at $ 400$400 each
	August 13		Sold fivefive unitsunits at $ 425$425 each
	August 14		Purchased threethree unitsunits at $ 375$375
	August 18		Sold twotwo unitsunits at $ 425$425 each
	August 21		Sold threethree unitsunits at $ 425$425 each
	August 26		Purchased one unit at $ 380$380

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