LIFO Perpetual Inventory

Requirement 2. Compute cost of goods sold and gross profil using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise Inventory using the LIFO Inventory costing method. Enter the transactions in chronological order, calculating new Inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Unit Total Unit Total More Info Date Quantity Cost Cost Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost 28 $ 70 $ 1,960 28 $ 70 $ 1,980 7 $ 80 560 Oct. 1 1 7 $ 80S 560 28 tires $70 each Oct. 1 Beginning merchandise inventory Oct. 11 Purchase 23 71 S 80$ 560 21 $ 70 $ 1,470 Oct. 23 Sale Oct. 26 Purchase 7 tires @ $80 each 14 tires @ $94 each 21 tires @ $82 each 25 tires a $94 each 7 7 80 580 21 $ 26 82 | S 1,722 21 $ Oct. 29 Sale 70 $ 1,470 82 $ 1,722 21 $ 82 1722 29 70 Print Done 17 1190 21 $ 41 $ 70 280 28 $ 2.282 Totals 39 5891 1190 17 Enter any number in the edit fields and then click Check Answer. ? 4 parts 4 remaining Clear All Final Check