I need help calculating the ending inventory and cost of goods sold using the LIFO method (Please Show Calculations)Note: I also attached an example of what the LIFO chart should look like, please follow that example to answer this question.Jensen Company had the following transactions regarding their inventory, They use a perpetual inventory system.Beginning Inventory: 100 units @ $6.00 per unitFirst Purchase: 100 units @ $7.00 per unitSale: 150 units @ $15.00 per unitSecond Purchase: 150 units @ $8.00 per unitSale: 150 units @ $15.00 per unit LIFODatePurchasesSalesEnding Inventory1234Ending InventoryCost of Goods Sold LIFOPurchases2000 x 5Ending Inventory2000 x 5DateSales128000 x 5.502000 x 58000 x 5.5036000 х 5.502000 x 52000 x 5.5046,000 x 62000 x 52000 x 5.506000 x 66000 x 62000 x 51000 x 5.501000 x 5.506.4000 х 6.504000 x 6.502000 x 51000 x 5.50

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Description: I need help calculating the ending inventory and cost of goods sold using the LIFO method (Please Show Calculations)Note: I also attached an example of what the LIFO chart should look like, please follow that example to answer this question.Jensen Co

LIFO In LIFO inventory which is last in should be out immediately. It is a method of valuation of…

Answered: Date Purchases Sales Ending Inventory 1…

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 7MCQ

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I need help calculating the ending inventory and cost of goods sold using the LIFO method (Please Show Calculations)

Note: I also attached an example of what the LIFO chart should look like, please follow that example to answer this question.

Jensen Company had the following transactions regarding their inventory, They use a perpetual inventory system.

Beginning Inventory: 100 units @ $6.00 per unit
First Purchase: 100 units @ $7.00 per unit
Sale: 150 units @ $15.00 per unit
Second Purchase: 150 units @ $8.00 per unit
Sale: 150 units @ $15.00 per unit

LIFO
Date
Purchases
Sales
Ending Inventory
1
2
3
4
Ending Inventory
Cost of Goods Sold

LIFO
Purchases
2000 x 5
Ending Inventory
2000 x 5
Date
Sales
1
2
8000 x 5.50
2000 x 5
8000 x 5.50
3
6000 х 5.50
2000 x 5
2000 x 5.50
4
6,000 x 6
2000 x 5
2000 x 5.50
6000 x 6
6000 x 6
2000 x 5
1000 x 5.50
1000 x 5.50
6.
4000 х 6.50
4000 x 6.50
2000 x 5
1000 x 5.50

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