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Margaret's Co. sells high-quality umbrellas and uses the LIFO Inventory Cost Flow Assumption and the Perpetual Inventory methods. As the Accountant for the Margaret's Co.,
Margaret's Co. sells high-quality umbrellas and uses the LIFO Inventory Cost Flow Assumption and the Perpetual Inventory methods. As the Accountant for the Margaret's Co., you need to calculate the Cost of Goods Sold for the month of February 2020 and dollar amount of ending umbrella inventory as of February 29, 2020. To prepare this calculation, you need to analyze the following data: Date of Number of Cost of Purchase Umbrellas Umbrellas $48 84 $48 Janaury 31, 2020 February 1, 2020 (Beginning Inventory) February 2,2020 February 8, 2020 February 6, 2020 164 $56 52 $71 67 $62 February 18, 2020 123 $87 Date of Number of Sales Price of Umbrellas Sale Umbrellas 197 $168 104 $176 February 5, 2020 February 7, 2020 February 15, 2020 February 25, 2020 58 $192 98 $196 Requirements: A. Calculate the cost of Goods Sold for the 1. Month of February 2020 2. February 7, 2020 sale 3. February 25, 2020 sale B. Calculate the number of umbrellas and the dollar amount of the ending umbrella inventory as of February 29, 2020
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