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LIFO Perpetual Inventory The beginning inventory of merchandise at Keats Office

ID: 2563641 • Letter: L

Question

LIFO Perpetual Inventory The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows Number of Units 78 156 105 Date Transaction Per Unit Total $46,800 112,320 210,000 132,000 104,000 156,000 78,000 114,400 163,800 218,400 224,640 245,700 March 3 Inventory $600 720 2,000 2,000 800 2,000 2,000 880 2,100 2,100 960 2,100 8 Purchase 11 Sale 30 Sale 130 78 39 130 78 104 234 April 8 Purchase 10 Sale 19 Sale 28 Purchase May 5 Sale 16 Sale 21 Purchase 28 Sale

Explanation / Answer

1. SCHEDULE OF COST OF GOODS SOLD :

78

156

600

720

46800

112320

105

720

75600

78

51

600

720

46800

36720

51

15

720

600

36720

9000

63

130

600

800

37800

104000

63

52

600

800

37800

41600

63

13

600

800

37800

10400

63

13

130

600

800

880

37800

10400

114400

63

13

52

600

800

880

37800

10400

45760

52

13

39

880

800

600

45760

10400

23400

24

234

600

960

14400

224640

24

117

600

960

14400

112320

2) Calculate following :

3) Ending inventory = 126720

PURCHASE COST OF MERCHANDISE SOLD INVENTORY ON HAND DATE Quantity unit cost TOtal cost quantity unit cost Total cost Quantity unit cost Total cost Mar 3 78 600 46800 Mar 8 156 720 112320

78

156

600

720

46800

112320

mar 11

105

720

75600

78

51

600

720

46800

36720

Mar 30

51

15

720

600

36720

9000

63 600 37800 apr 8 130 800 104000

63

130

600

800

37800

104000

apr 10 78 800 62400

63

52

600

800

37800

41600

apr 19 39 800 31200

63

13

600

800

37800

10400

apr 28 130 880 114400

63

13

130

600

800

880

37800

10400

114400

may 5 78 880 68640

63

13

52

600

800

880

37800

10400

45760

may 16

52

13

39

880

800

600

45760

10400

23400

24 600 14400 may 21 234 960 224640

24

234

600

960

14400

224640

may 28 117 960 112320

24

117

600

960

14400

112320

Total 475440 126720