Smith Retail has the following purchases and sales for the period. Quantity Price Beginning inventory 500...

Question

Question

Smith Retail has the following purchases and sales for the period. Quantity Price Beginning inventory 500 $ 5.01 Purchases Ja

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

LIFO Method states that goods purchased will be sold first
Under perpetual method, all records are updated after each transaction

Hence, cost of goods sold will be as follows:

Jan 18 Sales from Jan 12 purchases= 370*6.63 = $2,453.1

Jan 30 Sales from Jan 26 purchases and Remaining from Jan 12 purchases = 160*5.39 + 90*6.63 = $1,459.1

Total cost of goods sold = $3,912.2

Hence, the answer is 3,912

Add a comment

Answer 2

Similar Homework Help Questions

Smith Retail has the following purchases and sales for the period. Quantity Price Beginning inventory 500...

Smith Retail has the following purchases and sales for the period. Quantity Price Beginning inventory 500 $ 4.64 Purchases Jan 12 600 $ 6.40 Jan 26 160 $ 5.66 Sales Jan 18 370 $ 16.00 Jan 30 250 $ 16.00 What is the ending inventory for the period using perpetual LIFO method? Response rounded to whole numbers, without commas and without dollar signs. Your Answer:
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...

LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50...
Quayle Bookstore had the following beginning inventory, purchases, and sales during the month of January: Date ...

Quayle Bookstore had the following beginning inventory, purchases, and sales during the month of January: Date Beginning Inventory/Purchases Sales Jan. 01 500 @ $9 14 380 @ $15 17 250 @ $10 25 250 @ $12 29 260 @ $17 Quayle uses the perpetual inventory method. According to a physical count, 360 units were on hand at January 31 (ending inventory). The cost of the inventory at January 31 (ending inventory), under the LIFO method is:

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 70 units @ $84 46 units 10 15 Sale Purchase 89 units @ $87 20 Sale 52 units Sale 14 units 30 Purchase 37 units @ $92 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in...
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one...

Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $14 Sept. 10 Purchase 600 units @ $15 Sept. 20 Sales 680 units @ $26 Sept. 25 Purchase 1000 units at $17 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO,...
Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory...

Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,200 units at $22 May 12 840 units May 10 May 20 600 units at $24 540 units at $26 May 14 May 31 720 units 360 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the...

LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period a...

LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 54 $ 225 $ 12,150 8 Purchase 108 270 29,160 11 Sale 72 750 54,000 30 Sale 45 750 33,750 May 8 Purchase 90 300 27,000 10 Sale 54 750 40,500 19 Sale 27 750 20,250 28 Purchase 90 330 29,700 June 5 Sale 54 790 42,660...
..................... LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales...

..................... LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Total of Units Date Transaction Per Unit 375 24,750 Apr. 3 Inventory 66 Purchase 8 132 450 59,400 11 Sale 88 1,250 110,000 30 Sale 55 1,250 68,750 Purchase 55,000 May 8 110 500 Sale 10 66 1,250 82,500 Sale 19 33 1,250 41,250 550 Purchase 28 110 60,500 Sale June 5 66 1,315 86,790 Sale...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are Apr....

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are Apr. 1 Inventory 55 units $98 Sale 41 units Purchase 67 units $104 Sale 38 units 10 20 24 Sale 9 units Purchase 25 units $108 The business maintains a perpetual inventory system, costing by the last-In, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4...

LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...

LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 84 $450 $37,800 Purchase 168 540 90,720 11 Sale 113 1,500 169,500 Sale 30 71 1,500 106,500 May 8 Purchase 140 600 84,000 Sale 10 84 1,500 126,000 19 Sale 42 1,500 63,000 28 Purchase 140 660 92,400 June 5 Sale 84 1,575 132,300 16 Sale 112...

Smith Retail has the following purchases and sales for the period. Quantity Price Beginning inventory 500...

Homework Answers