3. Julia Co, uses the perpetual system of inventory and has the following select

Question

3. Julia Co, uses the perpetual system of inventory and has the following selected data relating to the month of January Units Unit Cost Total Cost 100$ 200 Date 1/1 Beginning Inventory 1/5 Sale 1/15 Purchase 1/25 Sale $150 $1,950 a. Use the information above to compute the Cost of Goods Sold and the Ending Inventory using LIFQ as a The chart below contains some select data. Show your work and valuation method in a perpetual system. label your answers Ending Inventory Balance Uait Cost Cost of Goods Sold Date Unit L'nits Unit Cost Total Cost Total Cost S 100 $200 Beginning Balance 1/15 1/25

Explanation / Answer

Compute cost of goods sold and ending inventory under LIFO perpetual method :

1

13

100

150

100

1950

1

2

100

150

100

300

Cost of goods sold Ending inventory balance Date Units Unit cost Total cost Units Unit cost total cost 1/1 2 100 200 Beginning balance 1/5 1 100 100 1 100 100 Sale 1/15

1

13

100

150

100

1950

Purchase 1/25 11 150 1650

1

2

100

150

100

300

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