HYT Company sells computer monitors (only one model). During February 2017, its
ID: 2414754 • Letter: H
Question
HYT Company sells computer monitors (only one model). During February 2017, its inventory records were as follows: Date Units Unit Cost Total Cost Beginning Inventory 10 $20 $200 February 3 Purchase 21 $21 $441 February 5 Purchase 11 $23 $253 February 7 Sale -26 N/A February 9 Sale -14 N/A February 13 Purchase 21 $22 $462 February 23 Purchase 23 $19 $437 February 25 Sale -14 N/A February 27 Sale -23 N/A The cost of goods sold using the perpetual LIFO method is: Select one: a. $1,599 b. $1,622 c. $1,585 d. $1,613
Explanation / Answer
Calculate cost of goods sold under LIFO perpetual method :
10
21
20
21
200
441
10
21
11
20
21
23
200
441
253
11
15
23
21
253
315
10
6
20
21
200
126
6
8
21
20
126
160
2
21
20
22
40
462
2
21
23
20
22
19
40
462
437
2
21
9
20
22
19
40
462
171
9
14
19
22
171
308
2
7
20
22
40
154
Cost of goods sold = $1599
So answer is a) $1599
Date Unit Cost per unit Total cost Unit Cost per unit Cost of goods sold Unit cost per unit Ending inventory Beginning inventory 10 20 200 Feb 3 21 21 44110
21
20
21
200
441
Feb 5 11 23 25310
21
11
20
21
23
200
441
253
Feb 711
15
23
21
253
315
10
6
20
21
200
126
Feb 96
8
21
20
126
160
2 20 40 Feb 13 21 22 4622
21
20
22
40
462
Feb 23 23 19 4372
21
23
20
22
19
40
462
437
Feb 25 14 19 2662
21
9
20
22
19
40
462
171
Feb 279
14
19
22
171
308
2
7
20
22
40
154
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