Applying Integrated Excel: Perpetual: Inventory costing methods FIFO and LIFO

Your Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Your Company reported the following January purchases and sales data for its only product. The company uses a perpetual inventory system.

Required: Determine the cost assigned to ending inventory and cost of goods sold using FIFO and LIFO. Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work.

Nothing in this area will be graded, but it will be submitted with your assignment. $2$

Required: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

$3$

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $4$ & Date & Activities & $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Units Acquired at Cost$\}$ & $\backslash$multicolumn$\{3\}\{|$c$|\}\{$Units Sold at Retail$\}\backslash \backslash$

$\backslash$hline $5$ & & & Units & Cost per unit & Total cost & Units & Selling price per unit & Total Sales $\backslash \backslash$

$\backslash$hline $6$ & January $01$ & Beginning inventory & $200$ & $\backslash$$$12\mathrm{.}50$ & $\backslash$$$2,500\mathrm{.}00$ & & & $\backslash \backslash$

$\backslash$hline $7$ & January $09$ & Sales & & & & $160$ & $\backslash$$$21\mathrm{.}50$ & $\backslash$$$3,440\mathrm{.}00\backslash \backslash$

$\backslash$hline $8$ & January $19$ & Purchase & $130$ & $\backslash$$$11\mathrm{.}50$ & $1,495\mathrm{.}00$ & & & $\backslash \backslash$

$\backslash$hline $9$ & January $25$ & Sales & & & & $140$ & $\backslash$$$21\mathrm{.}50$ & $3,010\mathrm{.}00\backslash \backslash$

$\backslash$hline $0$ & January $30$ & Purchase & $300$ & $\backslash$$$11\mathrm{.}00$ & $3,300\mathrm{.}00$ & & & $\backslash \backslash$

$\backslash$hline $1$ & & Totals & $630$ & & $\backslash$$$7,295\mathrm{.}00$ & $300$ & & $\backslash$$$6,450\mathrm{.}00\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $3$ & Perpetual LIFO & $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Cost of Goods Sold $-$ Jan $9\}$ & $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Cost of Goods Sold $-$ Jan $25\}$ & $\backslash$multicolumn$\{3\}\{|$c$|\}\{$Ending Inventory$\}\backslash \backslash$

$\backslash$hline $4$ & Units available & Units & Cost per unit & $\backslash$begin$\{$tabular$\}\{$l$\}$

Cost of $\backslash \backslash$

goods sold

$\backslash$end$\{$tabular$\}$ & Units & $\backslash$begin$\{$tabular$\}\{$l$\}$

Cost $\backslash \backslash$

per unit

$\backslash$end$\{$tabular$\}$ & Cost of goods sold & Units & $\backslash$begin$\{$tabular$\}\{$l$\}$

Cost $\backslash \backslash$

per unit

$\backslash$end$\{$tabular$\}$ & Inventory $\backslash \backslash$

$\backslash$hline $5$ & $200$ units from beginning inventory & & $\backslash$$$12\mathrm{.}50$ & & & $\backslash$$$12\mathrm{.}50$ & & & $\backslash$$$12\mathrm{.}50$ & $\backslash \backslash$

$\backslash$hline $6$ & $130$ units purchased on January $19$ & & $\backslash$$$11\mathrm{.}50$ & & & $\backslash$$$11\mathrm{.}50$ & & & $\backslash$$$11\mathrm{.}50$ & $\backslash \backslash$

$\backslash$hline $7$ & $300$ units purchased on January $30$ & & $\backslash$$$11\mathrm{.}00$ & & & $\backslash$$$11\mathrm{.}00$ & & & $\backslash$$$11\mathrm{.}00$ & $\backslash \backslash$

$\backslash$hline $8$ & Totals & $0$ & & $\backslash$$$0\mathrm{.}00$ & $0$ & & $\backslash$$$0\mathrm{.}00$ & $0$ & & $\backslash (\backslash$$ $0\mathrm{.}00\backslash )\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work.

Question Data

FIFO

LIFO

Workbook Statistics