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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
0 0
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Answer #1

Answer-

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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