Perpetual inventory using LIFO

The following units of a particular item were available for sale during the calendar year:

Date Line Item Description Values

Jan. $1$ Inventory $4,400$ units at $$38$

Apr. $19$ Sale $2,400$ units

June $30$ Purchase $4,800$ units at $$41$

Sept. $2$ Sale $5,600$ units

Nov. $15$ Purchase $1,700$ units at $$43$

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Open spreadsheet

The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last$-$in$,$ first$-$out method. Present the data in the form illustrated in Exhibit $4.$ Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.

Schedule of Cost of Goods Sold

LIFO Method

Date Purchases

Quantity Purchases

Unit Cost Purchases

Total Cost Cost of

Goods Sold

Quantity Cost of

Goods Sold

Unit Cost Cost of

Goods Sold

Total Cost Inventory

Quantity Inventory

Unit Cost Inventory

Total Cost

Jan. $1$ fill in the blank $2$ $fill in the blank $3$ $fill in the blank $4$

Apr. $19$ fill in the blank $5$ $fill in the blank $6$ $fill in the blank $7$ fill in the blank $8$ fill in the blank $9$ fill in the blank $10$

June $30$ fill in the blank $11$ $fill in the blank $12$ $fill in the blank $13$ fill in the blank $14$ fill in the blank $15$ fill in the blank $16$

June $30$ fill in the blank $17$ fill in the blank $18$ fill in the blank $19$

Sept. $2$ fill in the blank $20$ fill in the blank $21$ fill in the blank $22$ fill in the blank $23$ fill in the blank $24$ fill in the blank $25$

Sept. $2$ fill in the blank $26$ fill in the blank $27$ fill in the blank $28$

Nov. $15$ fill in the blank $29$ fill in the blank $30$ fill in the blank $31$ fill in the blank $32$ fill in the blank $33$ fill in the blank $34$

Nov. $15$ fill in the blank $35$ fill in the blank $36$ fill in the blank $37$

Dec. $31$ Balances $fill in the blank $38$ $fill in the blank $39$This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Open spreadsheet

Exhibit $4.$ Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.

Schedule of Cost of Goods Sold

LIFO Method