Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the blank spots in july 28 please Riley's Sporting Goods, Inc., carries a line of titanium putters. Riley's Sporting Goods, Inc., uses the LIFO method

image text in transcribedimage text in transcribedthe blank spots in july 28 please

Riley's Sporting Goods, Inc., carries a line of titanium putters. Riley's Sporting Goods, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each putter is $188. Company records indicate the following activity for putters for the month of July: (Click the icon to view the records.) Read the requirements Requirement 1. Prepare a perpetual inventory record for the putters on the LIFO basis to determine the cost of ending inventory and cost of goods sold for the month. Start by entering the beginning inventory balances. 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 inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first.) LIFO: Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost 8 $ 106 $ 8 $ 107 $ 856 8 $ 106 $ 848 8 $ 107 $ 856 8 $ 107 $ 856 6 $ 106 $ 636 2 $ 106 $ 212 12 $ 111 $1,332 2 $ 106 $ 212 12 | $ 111 $ 1,332 Jul 1 848 7 11 19 28 11 $ 111 $1,221 $ 106 $ 111 Data Table Date Item m Quantity Unit Cost 106 8 $ 107 Jul 1 Balance 7 Purchase $ 14 11 Sale 19 Purchase 12 $ 111 28 Sale 11 Print Done

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

Recommended Textbook for

Market Contact Audit

Authors: Gerardus Blokdyk

2nd Edition

0655179771, 978-0655179771

More Books

Students also viewed these Accounting questions