Jackson Enterprise markets the CDs for the performing artist Adam Lavine. At the

Question

Jackson Enterprise markets the CDs for the performing artist Adam Lavine. At the beginning of March, Jackson had beginning inventory of 1,500 Lavine CDs with a unit cost of $7. During March, Jackson made the following purchases of Lavine CDs. During March, 12,500 units were sold. Jackson uses a perpetual inventory system. Prepare answers on an Excel spreadsheet using the following templates. Label each answer with the letter in parenthesis. Determine the ending inventory under LIFO. (f) Determine the COGS under LIFO.

Explanation / Answer

Date Units Unit cost Total Cost Mar-01              1,500 7 1,500*7 = 10,500 Mar-05              2,000 8 2,000*8 = 16,000 10,500+16,000 = 26,500 Cost of good sold Sales from Mar 26            22,000 Sales from Mar 21            40,000 Sales from Mar 13            49,500 Sales from Mar 5              8,000        1,19,500

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.