Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Sale Inventory 3,900 units at $39 2,600 units Purchase 4,700 units at $45 Sale Purchase 4,900 units 2,100 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. LIFO Method

Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Sale Inventory 3,900 units at $39 2,600 units Purchase 4,700 units at $45 Sale Purchase 4,900 units 2,100 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. LIFO Method

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Description: sssaa Perpetual inventory using LIFOThe following units of a particular item were available for sale during the calendar year:Jan. 1Apr. 19June 30Sept. 2Nov. 15InventorySale3,900 units at $392,600 unitsPurchase4,700 units at $454,900 units2,100 units

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...

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