Chap 6: EX 6-10, EX 6-11, EX 6-12

42 Chap 4: Continuing Problem

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Perpetual inventory using LIFO

The following units of a particular item were available for sale during the calendar year:

Jan. 1

Inventory

Apr. 19

Sale

4,200 units at $39

2,500 units

June 30

Purchase

4,100 units at $42

Sept. 2

Sale

4,800 units

Nov. 15

Purchase

1,800 units at $44

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Open spreadsheet

The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.

Perpetual inventory using tro the following unith of a particular item were avalible for sale during the calendar year Open spresthect Perpetual inventory using taro The foliowing units of a particular item were available for sale dueing the calendar year: This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, bertom the required asalysis, and input vour answens in the quelien below. Gien serestshect