Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE help! i need assistance with this question! thank you Perpetual Inventory Using LIFO The following units of a particular item were available for sale

PLEASE help! i need assistance with this question! thank you
image text in transcribed
image text in transcribed
image text in transcribed
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,900 units at $41 Apr. 19 Sale 2,300 units June 30 Purchase 4,700 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $48 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 UFO, 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 Cost of Goods Sold Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Total Cost 3,900 41 159,900 2,300 $ 206,800 4,700 44 206,800 Schedule of Cost of Goods Sold LIFO Method Purchases Cost of Goods Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Jan. 1 Apr. 19 2,300 June 30 4,700 44 $ 206,800 Sept. 2 Nov. 15 Dec. 31 Balances

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions