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A company has the following purchases and sales during the first year of operations: Purchases Sales...

A company has the following purchases and sales during the first year of operations:

Purchases Sales

January 40 Units at $220 24 units

February 30 Units at $225 25 units

May 35 units at $230 29 units

September 32 units at $235 30 units

November 30 units at $240 31 units

On December 31, there were 32 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of ending inventory? (Assume all sales were made on the last day of the month)

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Expert Solution

Perpetual LIFO Goods Purchased Cost of Goods sold Ending Invento Date units Unit Cost Total Costlunits Unit Cost Total Cost units Unit Cost Total Cost Jan-01 8800 220 8800 3520 3520 3520 6750 10270 3520 1125 4645 3520 1125 8050 12695 3520 1125 1380 6025 24 16 16 16 30 Jan-30 220 5280 220 24 5280 Feb-01 30 225 6750 220 225 Feb-28 225 5625 16 220 25 5625 21 May-01 35 230 16 220 35 230 May-31 230 6670 16 220 230 6670 27

Perpetual LIFO Goods Purchased Cost of Goods sold Ending Invento Date units Unit Cost Total Costlunits Unit Cost Total Cost units Unit Cost Total Cost Jan-01 8800 220 8800 3520 3520 3520 6750 10270 3520 1125 4645 3520 1125 8050 12695 3520 1125 1380 6025 24 16 16 16 30 Jan-30 220 5280 220 24 5280 Feb-01 30 225 6750 220 225 Feb-28 225 5625 16 220 25 5625 21 May-01 35 230 16 220 35 230 May-31 230 6670 16 220 230 6670 27

Perpetual LIFO Goods Purchased Cost of Goods sold Ending Invento Date units Unit Cost Total Costlunits Unit Cost Total Cost units Unit Cost Total Cost Jan-01 8800 220 8800 3520 3520 3520 6750 10270 3520 1125 4645 3520 1125 8050 12695 3520 1125 1380 6025 24 16 16 16 30 Jan-30 220 5280 220 24 5280 Feb-01 30 225 6750 220 225 Feb-28 225 5625 16 220 25 5625 21 May-01 35 230 16 220 35 230 May-31 230 6670 16 220 230 6670 27

ekkarill92 answered 1 year ago
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