Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,600 units June 30 Purchase 4,600 units at $45 Sept. 2 Sale 5,200 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 d ustrated in Exhbit Under LIFO, t units are in inventory at two or more diferent costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column Schedule of Cest of Goods Sold LIFO Hethod
Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,600 units June 30 Purchase 4,600 units at $45 Sept. 2 Sale 5,200 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 d ustrated in Exhbit Under LIFO, t units are in inventory at two or more diferent costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column Schedule of Cest of Goods Sold LIFO Hethod
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 32CE: ( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for...
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