Boston Beaches, Inc., carries a line of titanium cameras. Boston Beaches, Inc., uses the LIFO method...

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Boston Beaches, Inc., carries a line of titanium cameras. Boston Beaches, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each camera is $185, Company records indicate the following activity for cameras for the month of July: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the cameras on the LIFO basis to determine the cost of ending inventory and cost of goods sold for the month. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first.) LIFO: Purchases Cost of goods sold Inventory on hand Total Unit Total Unit Cost Qty Cost Cost Qty Cost Jul Date 1 Unit Qty Cost Total Cost Date Jul Item 1 Balance 7 Purchase 11 Sale 19 Purchase 28 Sale Quantity Unit Cost 5 102 15 105 16 19 107 10 S S $ 1. Prepare a perpetual inventory record for the cameras on the LIFO basis to determine the cost of ending inventory and cost of goods sold for the month. 2. Journalize the inventory transactions for Boston Beaches, Inc., using the perpetual LIFO method. Assume all purchases and sales are on account. Boston Beaches, Inc., carries a line of titanium cameras. Boston Beaches, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each camera is $185, Company records indicate the following activity for cameras for the month of July: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the cameras on the LIFO basis to determine the cost of ending inventory and cost of goods sold for the month. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first.) LIFO: Purchases Cost of goods sold Inventory on hand Total Unit Total Unit Cost Qty Cost Cost Qty Cost Jul Date 1 Unit Qty Cost Total Cost Date Jul Item 1 Balance 7 Purchase 11 Sale 19 Purchase 28 Sale Quantity Unit Cost 5 102 15 105 16 19 107 10 S S $ 1. Prepare a perpetual inventory record for the cameras on the LIFO basis to determine the cost of ending inventory and cost of goods sold for the month. 2. Journalize the inventory transactions for Boston Beaches, Inc., using the perpetual LIFO method. Assume all purchases and sales are on account.

Answer rating: 100% (QA)

Solution LIFO Date Purchases COGS Balance Inventory Units per unit Total ... View the full answer