60.1K

Verified Solution

Link Copied!

Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr 19 June 30 Sept 2 Now. 15 Inventory 4,000 units 520 Sale 2,500 units Purchase 6,000 unts at 524 Sale 4,500 units 1,000 units at $25 The firm maintains a perpetuat 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 Cost of Goods Selle Purchases Unit Cost Date Quantity Total Cost Quantity Unit Cost Total Cost san, Apr 19 Pune 30 1 Sept 2 Nov. 15 I Dec 31 Estances lar item were available for sale during the calendar is at $20 15 is at $24 is at $25 >ventory system. Determine the cost of goods sold balance after each sale, assuming the last-in, first- h the form illustrated in Exhibit 4. Under LIFO, if units different costs, enter the units with the LOWER unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Unit Cost Inventory Unit Cost Total Cost Quantity Total Cost Quantity Total Cost

Answer & Explanation Solved by verified expert

See Answer