Sep. 1 Beginning Inventory 26 units @ $13 5 Sale 12 units 17 Purchase 21 units @ $14 30 Sale 19 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. $ b. Determine the inventory on September 30. $ Check My Work PreviousNext
Ans. | Perpetual LIFO: | |||||||||
Purchase | Cost of goods sold | Balance | ||||||||
Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | |
1-Sep | 26 | $13.00 | $338 | 26 | $13.00 | $338 | ||||
5-Sep | 12 | $13.00 | $156 | 14 | $13.00 | $182 | ||||
17-Sep | 21 | $14.00 | $294 | 14 | $13.00 | $182 | ||||
21 | $14.00 | $294 | ||||||||
30-Sep | 19 | $14.00 | $266 | 14 | $13.00 | $182 | ||||
2 | $14.00 | $28 | ||||||||
Total | Cost of goods sold | $422 | Cost of Ending inventory | $210 | ||||||
*In LIFO method the units that have purchased last, are released the first one and the ending inventory | ||||||||||
units remain from the first purchases. | ||||||||||
Cost of goods sold for September 30 sales = $266 | ||||||||||
Ending invenotry on September 30 = $210 | ||||||||||
Sep. 1 Beginning Inventory 26 units @ $13 5 Sale 12 units 17 Purchase 21 units @ $14 30 Sale 19 units Assuming a perpetu...
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