The following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
The following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
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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