Ans. A | Cost of goods sold on July 27 = $5,800 | ||||||||||
Ans. B | Inventory on July 31 = $2,230 | ||||||||||
*Working Notes: | |||||||||||
PERPETUAL LIFO: | |||||||||||
Purchase | Cost of goods sold | Balance | |||||||||
Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | ||
01-Jul | 90 | $52.00 | $4,680 | 90 | $52.00 | $4,680 | |||||
08-Jul | 75 | $52.00 | $3,900 | 15 | $52.00 | $780 | |||||
15-Jul | 125 | $58.00 | $7,250 | 15 | $52.00 | $780 | |||||
125 | $58.00 | $7,250 | |||||||||
27-Jul | 100 | $58.00 | $5,800 | 15 | $52.00 | $780 | |||||
25 | $58.00 | $1,450 | |||||||||
Total | Cost of goods sold | $9,700 | Ending inventory | $2,230 | |||||||
*In LIFO method the units that have purchased last, are released the first one and the ending inventory | |||||||||||
units remain from the first purchases. | |||||||||||
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