Question

Return to course 23 My Subscrption Hach Question 3 Not complete eBook Marted out of 2.00 P ag question Inventory Costing Methods and the Perpetual Method Lambeth Company experienced the following events in February Date Event Units Unit Cost Total Cost Feb.1 Purchased inventory 100 530 3000 Feb. 4 Sold inventory Feb. 9 Purchased inventory 100 Feb. 27 Sold inventory 100 Assume the perpetual inventory system is used. Use the LIFO inventory costing method to calculate the company's cost of goods sold and ending inventory as of February 28 Total cost of goods sold Ending vertory Check Next Previous Save Answers O Type here to search

Answer 1

Total cost of goods sold	=	$       4,700
Ending Inventory	=	$       1,500
	Cost of goods available for sale			Cost of goods sold			Ending Inventory
LIFO	# of units    (A)	Cost per unit	Cost of goods available for sale	# of units sold               (B)	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending Inventory
Feb-01	100	$       30.00	$        3,000				100	$    30.00	$          3,000
Feb-04				50	$       30.00	$       1,500	50	$    30.00	$          1,500
Feb-09	100	$       32.00	$        3,200				50	$    30.00	$          1,500
							100	$    32.00	$          3,200
Feb-27				100	$       32.00	$       3,200	50	$    30.00	$          1,500
Total	200		$        6,200	150		$       4,700	50		$          1,500