Perpetual inventory using LIFO and FIFO In the spaces provided below, determine the cost of good sold and ending inventory under the FIFO and LIFO method for Kimbrell Corporation which uses a perpetual inventory system. Below is the data for the October: Beginning inventory 120 units @ $39 each October 2 purchase 100 units @ $41 each October 8 sale 80 units October 15 purchase 200 units @ $42 each October 22 sale 250 units FIFO Purchases Cost of Goods Sold Inventory Balance Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost LIFO Purchases Cost of Goods Sold Inventory Balance Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Perpetual inventory using LIFO and FIFO In the spaces provided below, determine the cost of good sold and ending inventory under the FIFO and LIFO method for Kimbrell Corporation which uses a perpetual inventory system. Below is the data for the October: Beginning inventory 120 units @ $39 each October 2 purchase 100 units @ $41 each October 8 sale 80 units October 15 purchase 200 units @ $42 each October 22 sale 250 units FIFO Purchases Cost of Goods Sold Inventory Balance Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost LIFO Purchases Cost of Goods Sold Inventory Balance Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 3E: Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as...
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Perpetual inventory using LIFO and FIFO | ||||||||
In the spaces provided below, determine the cost of good sold and ending inventory under | ||||||||
the FIFO and LIFO method for Kimbrell Corporation which uses a perpetual inventory system. | ||||||||
Below is the data for the October: | ||||||||
Beginning inventory | 120 units @ $39 each | |||||||
October 2 purchase | 100 units @ $41 each | |||||||
October 8 sale | 80 units | |||||||
October 15 purchase | 200 units @ $42 each | |||||||
October 22 sale | 250 units | |||||||
FIFO | ||||||||
Purchases | Cost of Goods Sold | Inventory Balance | ||||||
Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
LIFO | ||||||||
Purchases | Cost of Goods Sold | Inventory Balance | ||||||
Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
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