In: Accounting
Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method | |||
Total Units | Unit Cost | Total Cost | |
Beginning inventory on hand | |||
1-Jan | 60,000 | $2.00 | $120,000 |
Purchases during month | |||
5-Jan | 103,600 | $2.00 | $207,200 |
20-Jan | 293,900 | $2.10 | $617,190 |
Sales of inventory | |||
25-Jan | 383,900 | ||
Beginning inventory at | |||
1-Feb | 73,600 | ||
Purchases during month | |||
8-Feb | 282,200 | $2.20 | $620,840 |
23-Feb | 153,500 | $2.60 | $399,100 |
Sales of inventory | |||
27-Feb | 407,600 | ||
Ending Inventory | 101,700 | ||
LIFO | |||
Jan | Feb | ||
Cost of goods sold | Cost of goods sold | ||
Ending inventory | Ending inventory | ||
LIFO | |||
Jan | Feb | ||
Cost of goods sold | $ 797,190 | Cost of goods sold | $ 958,120 |
Ending inventory | $ 147,200 | Ending inventory | $ 209,020 |
Working:
Date | Purchases | Cost of Goods Sold | Inventory on Hand | ||||||
QTY | Unit Cost | Tot. Cost | QTY | Unit Cost | Tot. Cost | QTY | Unit Cost | Tot. Cost | |
01-Jan | 60000 | $ 2.00 | 120000 | ||||||
05-Jan | 103600 | $ 2.00 | 207200 | 60000 | $ 2.00 | 120000 | |||
103600 | $ 2.00 | 207200 | |||||||
20-Jan | 293900 | $ 2.10 | 617190 | 60000 | $ 2.00 | 120000 | |||
103600 | $ 2.00 | 207200 | |||||||
293900 | $ 2.10 | 617190 | |||||||
25-Jan | 293900 | $ 2.10 | 617190 | 60000 | $ 2.00 | 120000 | |||
90000 | $ 2.00 | 180000 | 13600 | $ 2.00 | 27200 | ||||
Total | 397500 | 824390 | 383900 | 797190 | 73600 | 147200 | |||
01-Feb | 60000 | $ 2.00 | 120000 | ||||||
13600 | $ 2.00 | 27200 | |||||||
08-Feb | 282200 | $ 2.20 | 620840 | 60000 | $ 2.00 | 120000 | |||
13600 | $ 2.00 | 27200 | |||||||
282200 | $ 2.20 | 620840 | |||||||
23-Feb | 153500 | $ 2.60 | 399100 | 60000 | $ 2.00 | 120000 | |||
13600 | $ 2.00 | 27200 | |||||||
282200 | $ 2.20 | 620840 | |||||||
153500 | $ 2.60 | 399100 | |||||||
27-Feb | 153500 | $ 2.60 | 399100 | 60000 | $ 2.00 | 120000 | |||
254100 | $ 2.20 | 559020 | 13600 | $ 2.00 | 27200 | ||||
28100 | $ 2.20 | 61820 | |||||||
Total | 435700 | 1019940 | 407600 | 958120 | 101700 | 209020 |