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In: Accounting

Blossom has the following inventory data: July 1 Beginning inventory 35 units at $71 5 Purchases...

Blossom has the following inventory data:

July 1 Beginning inventory 35 units at $71
5 Purchases 212 units at $66
14 Sale 142 units
21 Purchases 106 units at $68
30 Sale 99 units


Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July?


$7869
$7569
$7581
$7617

Solutions

Expert Solution

option - C

$ 7581

LIFO perpetual
Date purchases Issue ( Cost of goods sold) Balance
qty price total qty price total qty price total
1-Jul 0 0 35 71 2485
5-Jul 212 66 13992 0 35 71 160
0 0 212 66 13992
14-Jul 0 142 66 9372 35 71 2485
0 0 70 66 4620
21-Jul 106 68 7208 0 35 71 2485
0 0 70 66 4620
0 0 106 68 7208
30-Jul 99 68 6732 35 71 2485
70 66 4620
7 68 476
TOTAL 16104
cost of goods sold 16104
Ending inventory (2485+4620+476) 7581

ekkarill92 answered 3 years ago
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