Question

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

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