Answer- The ending inventory on a LIFO basis is =$18453.
Explanation-
LIFO Method | ||||||||
Goods purchased | Cost of goods sold | Inventory balance | ||||||
Date | # of units | Cost per unit | # of units sold | Cost per unit | Cost of goods sold | # of units | Cost per unit | Inventory balance |
Jun-01 | 3230 | 3.20 | 10336 | |||||
Jun-02 | 2460 | 3.20 | 7872 | 770 | 3.20 | 2464 | ||
Jun-03 | 8900 | 3.10 | 770 | 3.20 | 2464 | |||
8900 | 3.10 | 27590 | ||||||
Jun-06 | 6320 | 3.20 | 20224 | 770 | 3.20 | 2464 | ||
2580 | 3.10 | 7998 | ||||||
Jun-07 | 4780 | 3.30 | 770 | 3.20 | 2464 | |||
2580 | 3.10 | 7998 | ||||||
4780 | 3.30 | 15774 | ||||||
Jun-09 | 4080 | 3.30 | 13464 | 770 | 3.20 | 2464 | ||
2580 | 3.10 | 7998 | ||||||
700 | 3.30 | 2310 | ||||||
Jun-10 | 700 | 3.30 | 2310 | 770 | 3.20 | 2464 | ||
810 | 3.10 | 2511 | 1770 | 3.10 | 5487 | |||
Jun-15 | 7300 | 3.40 | 770 | 3.20 | 2464 | |||
1770 | 3.10 | 5487 | ||||||
7300 | 3.40 | 24820 | ||||||
Jun-18 | 5570 | 3.40 | 18938 | 770 | 3.20 | 2464 | ||
1770 | 3.10 | 5487 | ||||||
1730 | 3.40 | 5882 | ||||||
Jun-22 | 2100 | 3.50 | 770 | 3.20 | 2464 | |||
1770 | 3.10 | 5487 | ||||||
1730 | 3.40 | 5882 | ||||||
2100 | 3.50 | 7350 | ||||||
Jun-25 | 780 | 3.5 | 2730 | 770 | 3.20 | 2464 | ||
1770 | 3.10 | 5487 | ||||||
1730 | 3.40 | 5882 | ||||||
1320 | 3.50 | 4620 | ||||||
Totals | 20720 | 68049 | 5590 | 18453 |
Transactions for the month of June were Purchases Sales 2460 @ $5.70 June 1 (balance) 3230...
Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.10 June 2 2330 @ $5.70 3 8820 @ 3.00 6 6410 @ 5.70 7 4850 @ 3.20 9 4030 @ 5.70 15 7210 @ 3.30 10 1520 @ 6.00 22 2020 @ 3.40 18 5590 @ 6.00 25 830 @ 6.00 Assuming that periodic inventory records are kept in units only, the ending inventory on a LIFO basis is $17024. $16273. $17758. $16492.
Transactions for the month of June were: Purchases Sales June 1 (balance) 3270 @ $3.20 June 2 2340 @ $5.60 3 8750 @ 3.10 6 6450 @ 5.60 7 4900 @ 3.30 9 4040 @ 5.60 15 7180 @ 3.40 10 1620 @ 7.00 22 2030 @ 3.50 18 5530 @ 7.00 25 750 @ 7.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round...
Transactions for the month of June were: June 1 June 2 Purchases (balance) 3110 @ $3.10 8850 3.00 4830 @ 3.20 7140 @ 3.30 1930 @ 3.40 Sales 2430 @ $5.40 6490 @ 5.40 3970 @ 5.40 1660 @ 4.00 5520 @ 4.00 770 @ 4.00 10 18 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is $16064. $15562. $16759. $15371.
Transactions for the month of June were:PurchasesSales (units)June 1(balance) 2,200 @$3.20June 21,200 33,700 @3.1063,200 73,400 @3.3092,000 152,600 @3.4010800 221,800 @3.50182,800 25400 Assuming that perpetual inventory records are kept in units only, the cost of goods sold on a LIFO basis is 12. Transactions for the month of June were: June 1 Purchases (balance) 2,200 @ $3.20 3,700 @ 3.10 3,400 @ 3.30 2,600 @ 3.40 1,800 @ 3.50 Sales (units) June 2 1,200 3,200 2,000 800 18 2,800 25 400...
Transactions for the month of June were: Purchases: Sales: June 1: 800 @ 3.20 June 2: 600 @ 5.50 June 3: 2200 @ 3.10 June 6: 1600 @ 5.50 June 7: 1200 @ 3.30 June 9: 1000 @ 5.50 June 15: 1800 @ 3.40 June 10: 400 @ 6.00 June 22: 500 @ 3.5 June 18: 1400 @ 6.00 June 25: 200 @ 6.00 Assuming that perpetual inventory system is adopted, the ending inventory on a LIFO basis: (Please show...
Transactions for the month of June were Purchases Sales June 1 (balance) 3120 @ $3.10 June 2 2330 @ $5.60 8740 @ 3.00 3 6 6310@ 5.60 4760 @3.20 7 4060 @ 5.60 1680 @ 6.00 15 7290 @ 3.30 10 22 1990 @ 3.40 18 5650 @ 6.00 25 760 @ 6,00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per...
Transactions for the month of June were: Purchases Sales Quantity Price Q. Price June 1 (balance) 2,200 @ $3.00 June 2 900 @ $5.50 3 3,300 @ 3.20 6 2,400 @ 5.50 7 1,800 @ 3.30 9 1,500 @ 5.50 15 2,700 @ 3.50 10 600 @ 6.00 22 750 @ 3.80 18 2,100 @ 6.00 25 300 @ 6.00 Assuming that periodic inventory, the ending inventory and COGS on a...
Transactions for the month of June were: Purchases Sales June 1 (balance) 2,200 @ $3.00 June 2 900 @ $5.50 3 3,300 @ 3.20 6 2,400 @ 5.50 7 1,800 @ 3.30 9 1,500 @ 5.50 15 2,700 @ 3.50 10 600 @ 6.00 22 750 @ 3.80 18 2,100 @ 6.00 25 300 @ 6.00 Assuming that perpetual inventory records are kept, the ending inventory and COGS on a...
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