Strods Company reported the following purchases and sales for its only product. Strods uses a perpetual...
Strods Company reported the following purchases and sales for its only product. Strods uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO.
|
Date |
Activities |
Units Acquired at Cost |
Units Sold at Retail |
|
May 1 |
Beginning Inventory |
150 units @ $10.00 |
|
|
5 |
Purchase |
220 units @ $12.00 |
|
|
10 |
Sales |
140 units @ $20.00 |
|
|
15 |
Purchase |
100 units @ $13.00 |
|
|
24 |
Sales |
90 units @ $21.00 |
|
$2,860
$2,460
$2,590
$2,850
$2,980
140@12=1680
90@13=1170
=2850
Homework Answers
|
Under lifo, units immediately available before the sale are sold first. Cost of Goods Sold = (140*12) + (90*13) = 1680 + 1170 = 2850 |
|
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Strods Company reported the following purchases and sales for
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Question Completion Status: O 0.21 QUESTION 5 Salmone Company reported the following purchases and sales for...
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