The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date | Blankets | Units | Cost |
May 3 | Purchase | 10 |
$19 |
10 | Sale | 3 | |
17 | Purchase | 9 |
$15 |
20 | Sale | 5 | |
23 | Sale | 2 | |
30 | Purchase | 12 |
$21 |
Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method.
a.$75
b.$30
c.$57
d.$252
Solution:
a.$75
Explanation:
In LIFO Method , Last in first out
Cost of goods sold = 5 x 15 = $75
Purchases | Cost of goods sold | Ending Inventory | |||||||
Date | Units | Cost per unit | Total cost | Units | Cost per unit | Total cost | Units | Cost per unit | Total cost |
May-03 | 10 | 19 | 190 | 10 | 19 | 190 | |||
May-10 | 3 | 19 | 57 | ||||||
May-17 | 9 | 15 | 135 | 7 | 19 | 133 | |||
9 | 15 | 135 | |||||||
May-20 | 5 | 15 | 75 | 7 | 19 | 133 |
The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records...
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