Perpetual Inventory Using LIFO eeginning inventory, purchases, and salkes data f
ID: 2511044 • Letter: P
Question
Perpetual Inventory Using LIFO eeginning inventory, purchases, and salkes data for prepaid cell phones for December are as followss Purchases Dec. 10 Dec. 20 Inventory Sales 144 units at $90 Dec. 12 240 units 240 units at $96Dec. 14 166 units Dec. 31 200 units Dec. 1 310 units at $88 a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each form ilustrated in Eshibit 4. Under LurO, if units are in inventory at thro different costs, anter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cos cost first in the inventory Unit Cost column Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Purchased Purchases Unit Cost Purchases Total Cost Quantity Seld Cost of Goods Sold Unit Cost Cost of Goods Seld Total Cost inventory Quantty Inventory Unit Cost Dec. 1 310 588 Dec. 10 Dec 12 Dec. 34 Check My WorkExplanation / Answer
Schedule of cost of goods sold :
310
144
88
90
27280
12960
144
96
90
88
12960
8448
48
240
88
96
4224
23040
48
40
88
96
4224
3840
Date Quantity purchased Purchase unit cost Purchase total cost Quantity sold Cost of goods sold unit cost Cost of goods sold total cost Inventory quantity Inventory unit cost Inventory total cost Dec 1 310 88 27280 Dec 10 144 90 12960310
144
88
90
27280
12960
Dec 12144
96
90
88
12960
8448
214 88 18832 Dec 14 166 88 14608 48 88 4224 Dec 20 240 96 2304048
240
88
96
4224
23040
Dec 31 200 96 1920048
40
88
96
4224
3840
Dec 31 Balance 55216 8064Related Questions
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