. On May 11 ABC Company sold 100 units to the customer. At the date of this sale the ABC Company’s perpetual inventory records included the following cost layers for the inventory:purchase datequantityunit soldtotal costmay 0160$800$48000may 0240$820$32800may 0720$850$17000Required: Prepare subsidiary ledger and Journal entries for CGS under:Specific Identification Method ( 60 of the units sold were purchased on May 01 and the remaining units were purchased on May 03)Average cost MethodFIFO MethodLIFO Method

Name: . On May 11 ABC Company sold 100 units to the customer. At the date of
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Description: . On May 11 ABC Company sold 100 units to the customer. At the date of this sale the ABC Company’s perpetual inventory records included the following cost layers for the inventory:purchase datequantityunit soldtotal costmay 0160$800$48000may 0240$820

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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. On May 11 ABC Company sold 100 units to the customer. At the date of this sale the ABC Company’s perpetual inventory records included the following cost layers for the inventory:

purchase date	quantity	unit sold	total cost
may 01	60	$800	$48000
may 02	40	$820	$32800
may 07	20	$850	$17000

Required: Prepare subsidiary ledger and Journal entries for CGS under:

Specific Identification Method ( 60 of the units sold were purchased on May 01 and the remaining units were purchased on May 03)
Average cost Method
FIFO Method
LIFO Method

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