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

 

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Units Required: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Total Sales Units Sold at Retail Selling price per Cost Total cost Units per unit unit January 01 Beginning inventory 160 $8.50 $1,360.00 January 09 Sales 120 $17.50 $2,100.00 January 19 January 25 Purchase 100 $7.50 750.00 Sales 120 $17.50 2,100.00 January 30 Purchase Totals 240 $7.00 500 1,680.00 $3,790.00 240 $4,200.00 Perpetual LIFO Units available 160 units from beginning inventory 100 units purchased on January 19 240 units purchased on January 30 Cost of Goods Sold - Jan 9 Units Cost Cost of per unit goods sold Units Cost of Goods Sold - Jan 25 Cost Cost of Ending Inventory Units Cost Inventory per unit goods sold per unit $8.50 $8.50 $8.50 $7.50 $7.50 $7.50 $7.00 $7.00 $7.00 Totals 0 $0.00 0 $0.00 0 $0.00 Units Required: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Total Sales Units Sold at Retail Selling price per Cost Total cost Units per unit unit January 01 Beginning inventory 160 $8.50 $1,360.00 January 09 Sales 120 $17.50 $2,100.00 January 19 January 25 Purchase 100 $7.50 750.00 Sales 120 $17.50 2,100.00 January 30 Purchase Totals 240 $7.00 500 1,680.00 $3,790.00 240 $4,200.00 Perpetual LIFO Units available 160 units from beginning inventory 100 units purchased on January 19 240 units purchased on January 30 Cost of Goods Sold - Jan 9 Units Cost Cost of per unit goods sold Units Cost of Goods Sold - Jan 25 Cost Cost of Ending Inventory Units Cost Inventory per unit goods sold per unit $8.50 $8.50 $8.50 $7.50 $7.50 $7.50 $7.00 $7.00 $7.00 Totals 0 $0.00 0 $0.00 0 $0.00