Below is the data for the month of January, 2011.

1 / 1 Beg. Inv. 140 Units @ $10

1 / 8 Purchases 150 Units @ $12

1 / 14 Sale 105 Units

1 / 22 Purchases 140 Units @ $6

1/25 Sale170 Units

Compute the LIFO layers amounts for the cost of merchandise available for sale after each purchase and sale.

Transcribed Image Text:

After 1/8 Purchase Layer 1 Layer 2 After 1/14 Sale Layer 1 140 units $ 150 units $ 140 units $ 45 units $ Layer 2 After 1/22 Purchase Layer 1 Layer 2 Layer 3 After 1/25 Sale Layer 1 Layer 2 140 units $ 45 units $ 140 units $ 140 units $ 15 units $ 10 price per unit $ 12 price per unit $ 10 price per unit $ 12 price per unit $ 10 price per unit $ 12 price per unit $ 6 price per unit $ 10 price per unit $ 12 price per unit $ 1400 value of the layer 1800 value of the layer 1400 value of the layer 540 value of the layer 1400 value of the layer 540 value of the layer 840 value of the layer. 1400 value of the layer 180 value of the layer 1 an. 08 NH 2 لما 3 4 Jan. 14 Record sale 5 6 7 Jan. 14 Record cost 8 9 10an. 22 11 12 DATE 13 Jan. 25 Record sale 14 15 16 Jan. 25 Record coat 17 18 DESCRIPTION GENERAL JOURNAL DOC. POST. NO. REF. DEBIT CREDIT page WNH 4569 2 10 11 12 13 14 15 16 17 18 After 1/8 Purchase Layer 1 Layer 2 After 1/14 Sale Layer 1 140 units $ 150 units $ 140 units $ 45 units $ Layer 2 After 1/22 Purchase Layer 1 Layer 2 Layer 3 After 1/25 Sale Layer 1 Layer 2 140 units $ 45 units $ 140 units $ 140 units $ 15 units $ 10 price per unit $ 12 price per unit $ 10 price per unit $ 12 price per unit $ 10 price per unit $ 12 price per unit $ 6 price per unit $ 10 price per unit $ 12 price per unit $ 1400 value of the layer 1800 value of the layer 1400 value of the layer 540 value of the layer 1400 value of the layer 540 value of the layer 840 value of the layer. 1400 value of the layer 180 value of the layer 1 an. 08 NH 2 لما 3 4 Jan. 14 Record sale 5 6 7 Jan. 14 Record cost 8 9 10an. 22 11 12 DATE 13 Jan. 25 Record sale 14 15 16 Jan. 25 Record coat 17 18 DESCRIPTION GENERAL JOURNAL DOC. POST. NO. REF. DEBIT CREDIT page WNH 4569 2 10 11 12 13 14 15 16 17 18

Answer rating: 100% (QA)

Cost of Inventory on closing of the month 140 Units 10 each 1400 1... View the full answer