Date Purchases Sales Ending Inventory 1 2 3 4 Ending Inventory Cost of Goods Sold
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter11: Accounting For Purchases And Cash Payments
Section: Chapter Questions
Problem 4MC: The difference between merchandise available for sale and the end-of-period merchandise inventory is...
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I need help calculating the ending inventory and cost of goods sold using the LIFO method (Please Show Calculations)
Note: I also attached an example of what the LIFO chart should look like, please follow that example to answer this question.
Jensen Company had the following transactions regarding their inventory, They use a perpetual inventory system.
- Beginning Inventory: 100 units @ $6.00 per unit
- First Purchase: 100 units @ $7.00 per unit
- Sale: 150 units @ $15.00 per unit
- Second Purchase: 150 units @ $8.00 per unit
- Sale: 150 units @ $15.00 per unit
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