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# Perpetual inventory using LIFO The following units of a particular item were available for sale during...

Perpetual inventory using LIFO

The following units of a particular item were available for sale during the calendar year:

 Jan. 1 Inventory 4,400 units at \$41 Apr. 19 Sale 2,100 units June 30 Purchase 4,700 units at \$46 Sept. 2 Sale 5,900 units Nov. 15 Purchase 2,200 units at \$48

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

1. Schedule of Cost of Goods Sold
LIFO Method
Purchases Cost of Goods Sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Dec. 31 Balances

 LIFO METHOD SCHEDULE OF COST OF GOOD SOLD Goods purchased Cost of goods sold Inventory balance Date # of units Cost per unit Total costs # of units sold Cost per unit Cost of goods sold # of units Cost per unit Inventory balance Jan-01 4400 41 180400 Apr-19 2100 41 86100 2300 41 94300 Jun-30 4700 46 216200 2300 41 94300 4700 46 216200 Sep-02 4700 46 216200 1100 41 45100 1200 41 49200 Nov-15 2200 48 105600 1100 41 45100 2200 48 105600 Totals 321800 8000 351500 3300 150700

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