# Calculate the cost of goods sold dollar value for B66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).

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### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

#### Solutions

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FindFindarrow_forward

### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 10, Problem 9EB
Textbook Problem
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## Calculate the cost of goods sold dollar value for B66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).

To determine

Concept introduction:

LIFO method:

Under this method, the units purchased at last are expected to be sold first and accordingly the COGS is calculated. The ending inventory formula includes the units purchased which were initially purchased.

To calculate:

The cost of goods sold using LIFO perpetual method.

### Explanation of Solution

The cost of goods sold using LIFO perpetual method is calculated as follows:

Units sold: 50.

Cost of goods sold = 50 units × \$75

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