Beginning inventory, purchases, and sales data for widgets are as follows: April 3         Inventory   15 units @ $30 11   Purchase   12 units @ $27 14   Sale   18 units   21   Purchase     7 units @ $25 25   Sale   10 units     Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of goods sold and ending inventory using LIFO.   Purchases   Cost ofGoods Sold   Inventory Date Qty Unit Cost Total Cost   Qty Unit Cost Total Cost   Qty Unit Cost Total Cost April 3                   $ $      11   $ $             $ $                     $         14           $ $     $ $             $                 21   $ $             $ $                     $         25           $ $     $ $             $                      Total Cost of goods sold $   Ending inventory value $

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...
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Beginning inventory, purchases, and sales data for widgets are as follows:

April 3         Inventory   15 units @ $30
11   Purchase   12 units @ $27
14   Sale   18 units  
21   Purchase     7 units @ $25
25   Sale   10 units  

 

Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of goods sold and ending inventory using LIFO.

 
Purchases
  Cost of
Goods Sold
 
Inventory
Date Qty Unit Cost Total Cost   Qty Unit Cost Total Cost   Qty Unit Cost Total Cost
April 3                   $ $
     11   $ $             $ $
                    $   
     14           $ $     $ $
            $           
     21   $ $             $ $
                    $   
     25           $ $     $ $
            $           
          Total Cost of goods sold $   Ending inventory value $
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