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Julian Junkets uses a perpetual system of inventory and has the following inventory information: Date Units Unit Cost Total Cost July 1 Beginning Inventory 2,000

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Julian Junkets uses a perpetual system of inventory and has the following inventory information: Date Units Unit Cost Total Cost July 1 Beginning Inventory 2,000 $ 4.00 $ 8,000 July 5 Purchase 6,000 $ 4.40 $ 26,400 July 14 Sale 4,000 July 31 Purchase 2,000 $ 4.75 $ 9.500 $43,900 a. How many units remain unsold at July 31st What is the value of the cost of goods sold on July 14th using LIFO as a valuation method in a perpetual system What is the value of the ending inventory at July 31st using LIFO as a valuation method in a perpetual system The following chart has been provided to help guide your calculations. Using scratch paper, fill in the chart to help compute your answers PERPETUAL SYSTEM OF INVENTORY - LIFO VALUATION Purchases Cost of Goods Sold Ending Inventory Balance Unit Cost Total Cost Units Unit Cost Total Cost Unit Cost Total Cost Toh Type here to search Date Units PERPETUAL SYSTEM OF INVENTORY - LIFO VALUATION Purchases Cost of Goods Sold Ending Inventory Balance Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost 2,000 $4.00 $ 8,000 July 1 July 5 6.000 $ 4.40 $ 26,400

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