Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help creating a LIFO and FIFO EXCEL sheet with the transactions from April-June. The grey parts are the ones that need to be
I need help creating a LIFO and FIFO EXCEL sheet with the transactions from April-June. The grey parts are the ones that need to be filled. I would really appreciate an explanation as well, thank you!
I started FIFO sheet already please correct me if there is an error.
LIFO Sheet
Date Transaction Number Per Unit Total of Units 25 75 40 30 60 50 20 80 40 25 35 $1,200 $ 30,000 1,240 93,000 2,000 80,000 2,000 60,000 1,260 75,600 2,000 100,000 2,000 40,000 1,260 100,800 2,250 90,000 2,250 56,250 1,264 44,240 2,250 99,000 Apr. 3 Inventory 8 Purchase 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale Purchases Cost of Goods Sold Inventory Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity CostCost Apr. 3 8 25 $1200 S 30000 25 $1,200 S 30,000 751-51240 IS 93,000 75 $1,240 S 93,000 25 $1,200 30,000 15 $1,240 S 18,600 30 $1,240 s 37 200 30 $1,240 60 $1.240 74 400 S 37 200 0$1,240 S 37 200 60 $1 260 75 600 May 8 60 $1,260 75,600 10 30 $1,240 37.200 20 $1.260S 25 20040$1260 S 50400 20 $1.260S 25200 20 $1260 S 25 200 19 20 $1.260s 25.200 28| 801 $1,2601 s-100,80 80 $1 260 S 1 00 800 20 $1,260 25,200 20 $1,260 S 25200 25 $2 250 S 56 250 June 5 16 21 6 35 $1,264 S 44,240 35 $1.260 44,100 9 $1260 S 11340 28 30 Balances JOURNAL Description Debit Credit Gross profit for the sales period $214,474 Ending inventory cost Inventory under LIFO would be Inventory Unit Cost Purchases Cost of Goods Sold Total Unit Total Unit Total Quant Cost Date Quantity Cost Cost Quantity Cost Cost 8 30 May 8 10 19 28 June 5 36 37 38 16 21 40 28 43 30 Balances 47 48 2. Total sales Total cost of goods sold Gross proft Ending inventory cost 60
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started