Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Sale Inventory 3,900 units at $39 2,600 units Purchase 4,700 units at $45 Sale Purchase 4,900 units 2,100 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form 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. LIFO Method
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Sale Inventory 3,900 units at $39 2,600 units Purchase 4,700 units at $45 Sale Purchase 4,900 units 2,100 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form 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. LIFO Method
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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![Perpetual inventory using LIFO
The following units of a particular item were available for sale during the calendar year:
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Inventory
Sale
3,900 units at $39
2,600 units
Purchase
4,700 units at $45
4,900 units
2,100 units at $48
Sale
Purchase
The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale,
assuming the last-in, first-out method. Present the data in the form 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.
LIFO Method
Purchases
Purchases
Purchases
Date
Quantity
Unit Cost
Total Cost
Cost of Goods Sold
Quantity
Cost of Goods Sold
Unit Cost
Cost of Goods Sold
Total Cost
Jan. 1
Apr. 19
$
June 30
A
. Determine the cost of goods sold for each sale and the inventory balance after each sale,
he data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more
unit cost first in the Inventory Unit Cost column.
Purchases
Total Cost
LIFO Method
Cost of Goods Sold
Cost of Goods Sold
Cost of Goods Sold
Inventory
Quantity
Unit Cost
Total Cost
Quantity
$
☐ ☐
$
☐☐ ☐
A
Inventory
Unit Cost
Inventory
Total Cost
I
$
$
11 1998*
A
St](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff607cd51-3352-464f-88c2-488e70c29e78%2F9e07cdcb-53c3-4923-bfcd-2f6d3ff79001%2F3yv7tqf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Perpetual inventory using LIFO
The following units of a particular item were available for sale during the calendar year:
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Inventory
Sale
3,900 units at $39
2,600 units
Purchase
4,700 units at $45
4,900 units
2,100 units at $48
Sale
Purchase
The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale,
assuming the last-in, first-out method. Present the data in the form 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.
LIFO Method
Purchases
Purchases
Purchases
Date
Quantity
Unit Cost
Total Cost
Cost of Goods Sold
Quantity
Cost of Goods Sold
Unit Cost
Cost of Goods Sold
Total Cost
Jan. 1
Apr. 19
$
June 30
A
. Determine the cost of goods sold for each sale and the inventory balance after each sale,
he data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more
unit cost first in the Inventory Unit Cost column.
Purchases
Total Cost
LIFO Method
Cost of Goods Sold
Cost of Goods Sold
Cost of Goods Sold
Inventory
Quantity
Unit Cost
Total Cost
Quantity
$
☐ ☐
$
☐☐ ☐
A
Inventory
Unit Cost
Inventory
Total Cost
I
$
$
11 1998*
A
St
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