Question
In: Accounting
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar....
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
| Mar. 1 | Inventory | 88 units @ $21 | |
| 8 | Sale | 70 units | |
| 15 | Purchase | 98 units @ $23 | |
| 27 | Sale | 82 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31.
| a. Cost of goods sold on Mar. 27 | $ |
| b. Inventory on Mar. 31 | $ |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January...
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item CZ83 are as
follows:
January 1
Inventory
96 units @ $16
5
Sale
77 units
11
Purchase
107 units @ $20
21
Sale
90 units
Assuming a perpetual inventory system and using the last-in,
first-out (LIFO) method, determine (a) the cost of merchandise sold
on January 21 and (b) the inventory on January 31.
a. Cost of merchandise sold on January 21
$
b. Inventory on January 31
$
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July...
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item HM46 are as
follows:
July 1
Inventory
104 units @ $32
5
Sale
83 units
11
Purchase
115 units @ $35
21
Sale
97 units
Assuming a perpetual inventory system and using the last-in,
first-out (LIFO) method, determine (a) the cost of merchandise sold
on July 21 and (b) the inventory on July 31.
a. Cost of merchandise sold on July 21
$
b. Inventory on July 31
$
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable game
players are as follows:
Apr. 1
Inventory
66 units @ $57
10
Sale
44 units
15
Purchase
79 units @ $60
20
Sale
43 units
24
Sale
13 units
30
Purchase
30 units @ $64
The business maintains a perpetual inventory system, costing by
the last-in, first-out method.
Determine the cost of merchandise sold for each sale and the
inventory balance after each sale, presenting the data...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases,
and sales data for portable DVD players are as follows: Apr. 1
Inventory 45 units @ $50 10 Sale 32 units 15 Purchase 60 units @
$53 20 Sale 33 units 24 Sale 10 units 30 Purchase 24 units @ $56
The business maintains a perpetual inventory system, costing by the
last-in, first-out method. Determine the cost of merchandise sold
for each sale and the inventory balance after each sale, presenting
the data...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable game
players are as follows:
Apr. 1
Inventory
56 units @ $98
10
Sale
43 units
15
Purchase
73 units @ $104
20
Sale
42 units
24
Sale
11 units
30
Purchase
28 units @ $110
The business maintains a perpetual inventory system, costing by
the last-in, first-out method.
Determine the cost of merchandise sold for each sale and the
inventory balance after each sale, presenting the data...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable DVD
players are as follows:
Apr. 1
Inventory
43 units @ $68
10
Sale
29 units
15
Purchase
52 units @ $71
20
Sale
29 units
24
Sale
7 units
30
Purchase
39 units @ $75
The business maintains a perpetual inventory system, costing by
the last-in, first-out method.
Determine the cost of merchandise sold for each sale and the
inventory balance after each sale, presenting the data...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable DVD
players are as follows:
June 1
Inventory
62 units @ $87
6
Sale
44 units
14
Purchase
75 units @ $92
19
Sale
42 units
25
Sale
11 units
30
Purchase
35 units @ $97
The business maintains a perpetual inventory system, costing by
the last-in, first-out method.
Determine the cost of merchandise sold for each sale and the
inventory balance after each sale, presenting the data...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable game
players are as follows:
Apr. 1
Inventory
72 units @ $55
10
Sale
53 units
15
Purchase
91 units @ $58
20
Sale
51 units
24
Sale
15 units
30
Purchase
40 units @ $61
The business maintains a perpetual inventory system, costing by
the last-in, first-out method.
Determine the cost of merchandise sold for each sale and the
inventory balance after each sale, presenting the data...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable game
players are as follows:
Apr. 1
Inventory
56 units @ $73
10
Sale
44 units
15
Purchase
75 units @ $77
20
Sale
41 units
24
Sale
11 units
30
Purchase
40 units @ $81
The business maintains a perpetual inventory system, costing by
the last-in, first-out method.
Determine the cost of merchandise sold for each sale and the
inventory balance after each sale, presenting the data...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases,
and sales data for portable DVD players are as follows: Apr. 1
Inventory 79 units @ $48 10 Sale 53 units 15 Purchase 106 units @
$50 20 Sale 59 units 24 Sale 18 units 30 Purchase 28 units @ $53
The business maintains a perpetual inventory system, costing by the
last-in, first-out method. Determine the cost of merchandise sold
for each sale and the inventory balance after each sale, presenting
the data...
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