Question
ClubFlows has the following inventory transactions in 2020: Date of Inventory Purchase Units (#) Cost per Unit January 10 60 $6 June 15 50 $8
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ClubFlows has the following inventory transactions in 2020:
Date of Inventory Purchase Units (#) Cost per Unit January 10 60 $6 June 15 50 $8 October 20 40 $10 Date of Inventory Sales Units (#) July 15 55
Assume ClubFlows uses a periodic inventory system and the LIFO cost flow assumption. Complete the following table and determine the amount ClubFlows would report for ending inventory and cost of goods sold. (Enter zero if there are no units sold/remain.)
Date of Inventory Purchase Units (#) Cost per Unit Units Sold Units Remain January 10 60 $6 June 15 50 $8 October 20 40 $10
- Ending inventory, as of December 31, 2021 =
- Cost of goods sold, as of December 31, 2021 =
ClubFlows has the following inventory transactions in 2020:
| Date of Inventory Purchase | Units (#) | Cost per Unit |
| January 10 | 60 | $6 |
| June 15 | 50 | $8 |
| October 20 | 40 | $10 |
| Date of Inventory Sales | Units (#) | |
| July 15 | 55 |
Assume ClubFlows uses a periodic inventory system and the LIFO cost flow assumption. Complete the following table and determine the amount ClubFlows would report for ending inventory and cost of goods sold. (Enter zero if there are no units sold/remain.)
| Date of Inventory Purchase | Units (#) | Cost per Unit | Units Sold | Units Remain |
| January 10 | 60 | $6 | ||
| June 15 | 50 | $8 | ||
| October 20 | 40 | $10 |
- Ending inventory, as of December 31, 2021 =
- Cost of goods sold, as of December 31, 2021 =
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0697789938
