The beginning inventory and the purchases and sales of inventory for March for the Carolina Company are as presented below. Complete the inventory schedule assuming the LIFO Inventory valuationare as presented below. Complete the inventory schedule assuming the LIFO Inventory valuation method is used. Date Transaction Number of Units Per Unit Total Mar 1 Inventory 10,500 1.5 $15,750 Mar 8 Purchase 12,000 1.6 $19,200 Mar 11 Sold 11,000 2.5 $27,500 Mar 12 Sold 9,500 2.5 $23,750 Mar 14 Purchase 8,000 1.65 $13,200 Mar 15 Sold 5,000 2.6 $13,000 Mar 19 Sold 4,000 2.6 $10,400 Mar 22 Purchase 7,000 1.7 $11,900 Mar 24 Sold 4,000 2.6 $10,400 Mar 25 Sold 2,500 2.6 $6,500 Mar 26 Purchase 10,000 1.72 $17,200 Mar 28 Sold 5,000 2.6 $13,000 LIFO Purchases Cost of Goods Sold Inventory Quantity Unit CostUnit Cost Total CostTotal Cost Quantity Unit CostUnit Cost Total CostTotal Cost Quantity Unit CostUnit Cost Total CostTotal Cost Date Mar. 1 0 8 0 0 11 0 0 12 0 0 14 0 0 15 0 0 19 0 0 22 0 0 24 0 0 25 0 0 26 0 0 0 28
The beginning inventory and the purchases and sales of inventory for March for the Carolina Company are as presented below. Complete the inventory schedule assuming the LIFO Inventory valuationare as presented below. Complete the inventory schedule assuming the LIFO Inventory valuation method is used. Date Transaction Number of Units Per Unit Total Mar 1 Inventory 10,500 1.5 $15,750 Mar 8 Purchase 12,000 1.6 $19,200 Mar 11 Sold 11,000 2.5 $27,500 Mar 12 Sold 9,500 2.5 $23,750 Mar 14 Purchase 8,000 1.65 $13,200 Mar 15 Sold 5,000 2.6 $13,000 Mar 19 Sold 4,000 2.6 $10,400 Mar 22 Purchase 7,000 1.7 $11,900 Mar 24 Sold 4,000 2.6 $10,400 Mar 25 Sold 2,500 2.6 $6,500 Mar 26 Purchase 10,000 1.72 $17,200 Mar 28 Sold 5,000 2.6 $13,000 LIFO Purchases Cost of Goods Sold Inventory Quantity Unit CostUnit Cost Total CostTotal Cost Quantity Unit CostUnit Cost Total CostTotal Cost Quantity Unit CostUnit Cost Total CostTotal Cost Date Mar. 1 0 8 0 0 11 0 0 12 0 0 14 0 0 15 0 0 19 0 0 22 0 0 24 0 0 25 0 0 26 0 0 0 28
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.5P: Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31,...
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The beginning inventory and the purchases and sales of inventory for March for the Carolina Company | ||||||||||
are as presented below. Complete the inventory schedule assuming the LIFO Inventory valuationare as presented below. Complete the inventory schedule assuming the LIFO |
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method is used. | ||||||||||
Date | Transaction | Number of Units | Per Unit | Total | ||||||
Mar 1 | Inventory | 10,500 | 1.5 | $15,750 | ||||||
Mar 8 | Purchase | 12,000 | 1.6 | $19,200 | ||||||
Mar 11 | Sold | 11,000 | 2.5 | $27,500 | ||||||
Mar 12 | Sold | 9,500 | 2.5 | $23,750 | ||||||
Mar 14 | Purchase | 8,000 | 1.65 | $13,200 | ||||||
Mar 15 | Sold | 5,000 | 2.6 | $13,000 | ||||||
Mar 19 | Sold | 4,000 | 2.6 | $10,400 | ||||||
Mar 22 | Purchase | 7,000 | 1.7 | $11,900 | ||||||
Mar 24 | Sold | 4,000 | 2.6 | $10,400 | ||||||
Mar 25 | Sold | 2,500 | 2.6 | $6,500 | ||||||
Mar 26 | Purchase | 10,000 | 1.72 | $17,200 | ||||||
Mar 28 | Sold | 5,000 | 2.6 | $13,000 | ||||||
LIFO | Purchases | Cost of Goods Sold | Inventory | ||||||||||||||
Quantity | Unit CostUnit Cost |
Total CostTotal Cost |
Quantity | Unit CostUnit Cost |
Total CostTotal Cost |
Quantity | Unit CostUnit Cost |
Total CostTotal Cost |
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