Perpetual inventory using LIFO The following units of a particular item were available for sale during the
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Question:
Perpetual inventory using LIFO
The following units of a particular item were available for sale during the calendar year:
Jan. 1 | Inventory | 4,400 units at $41 | |
Apr. 19 | Sale | 2,100 units | |
June 30 | Purchase | 4,700 units at $46 | |
Sept. 2 | Sale | 5,900 units | |
Nov. 15 | Purchase | 2,200 units at $48 |
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.
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Schedule of Cost of Goods Sold
LIFO MethodPurchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
Related Book For
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
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