Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units...

Beginning inventory, purchases, and sales for Item Gidget are as follows:

Sept. 1	Inventory	80 units at $175
10	Sale	65 units
18	Purchase	75 units at $180
27	Sale	70 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.

a. Cost of merchandise sold on September 27	$
b. Inventory on September 30	$

Expert Solution

LIFO
Date	Particulars	Units	Cost	Amount	COGS
1-Sep	Beginning Inventory	80.00	175.00	14,000.00
10-Sep	COGS	65.00		11,375.00	65*175
	Total	15.00		2,625.00
18-Sep	Purchases	75.00	180.00	13,500.00
	Total	90.00		16,125.00
27-Sep	COGS	70.00		12,600.00	70*180
	Ending Inventory	20.00		3,525.00

a. Cost of merchandise sold on September 27	12,600.00
b. Inventory on September 30	3,525.00

ekkarill92 answered 3 years ago

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