Question

Question 10

A record of transactions for the month of May was as follows:

Purchases						Sales
May	1	(balance)	480 @	$5.40		May	3	240 @	$7.00
	4		1,350 @	$5.30			6	1,000 @	7.00
	8		800 @	$5.50			12	900 @	7.50
	14		700 @	$5.60			18	500 @	7.50
	22		1,290 @	$5.70			25	1,300 @	8.00
	29		600 @	$5.75

Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.

Ending inventory

$

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Answer 1

Ending Inventory S 7,135 Perpetual LIFO Date May 1 4 Purchases Cost of Goods Sold Inventory Quantity Unit Cost Total cost Quantity Unit Cost Total cost Quantity Unit Cost Total cost 480 $ 5.40 S 2,592 240 $ 5.40 S 1,296 240 S 5.40 $ 1.296 1350 $ 5.30 S 7,155 240 $ 5.40 S 1,296 1350 $ 5.30 $ 7.155 1000 S 5.30 S 5,300 240 S 5.40 $ 1.296 350 S 5.30 $ 1.855 800 S 5.50 $ 4,400 240 $ 5.40 $ 1.296 350 $ 5.30 $ 1.855 800 S 5.50 S 4.400 800 S 5.50 S 4,400 240 $ 5.40 S 1,296 100 $ 5.30 S 530 250 $ 5.30 $ 1.325 700 S 5.60 $ 3.920 240 $ 5.40 $ 1.296 250 $ 5.30 $ 1,325 700 S 5.60 $ 3.920 500 $ 5.60 $ 2,800 240 $ 5.40 $ 1.296 250 S 5.30 $ 1,325 200 $ 5.60 $ 1,120

1290 S 5.70 S 7,353 1290 S 10 $ 5.70 5.60 S S 7.353 56 240 $ 5.40 $ 1.296 250 S 5.30 $ 1,325 200 $ 5.60 $ 1,120 1290 $ 5.70 $ 7.353 240 S 5.40 $ 1.296 250 $ 5.30 S 1,325 190 S 5.60 $ 1.064 240 S 5.40 $ 1.296 250 $ 5.30 S 1,325 190 $ 5.60 $ 1.064 600 $ 5.75 S 3,450 S 7.135 29 600 S 5.75 S 3.450 Total $ 21,735