Windsor, Inc. has the following inventory data: July 1 Beginning inventory 26 units at $5.20 5...

Windsor, Inc. has the following inventory data:

July 1	Beginning inventory	26 units at $5.20
5	Purchases	103 units at $5.70
14	Sale	69 units
21	Purchases	52 units at $6.20
30	Sale	48 units

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

Expert Solution

LIFO Perpetual Inventory Card for the month of July

Date	Purchase		Sale		Balance
Jul-01	Beggining Inventory				( 26 units X $ 5.20 )	$ 135.20

Jul-05	( 103 units X $ 5.70 )	$ 587.10	-	-	( 26 units X $ 5.20 )	$ 135.20
					( 103 units X $ 5.70 )	$ 587.10

Jul-14	-	-	( 69 units X $ 5.70 )	$ 393.30	( 26 units X $ 5.20 )	$ 135.20
					( 34 units X $ 5.70 )	$ 193.80

Jul-21	( 52 units X $ 6.20 )	$ 322.40	-	-	( 26 units X $ 5.20 )	$ 135.20
					( 34 units X $ 5.70 )	$ 193.80
					( 52 units X $ 6.20 )	$ 322.40

Jul-30	-	-	( 48 units X $ 6.20 )	$ 297.60	( 26 units X $ 5.20 )	$ 135.20
					( 34 units X $ 5.70 )	$ 193.80
					( 4 units X $ 6.20 )	$ 24.80

Total		$ 909.50		$ 690.90		$ 353.80

Therefore, Value of ending Inventory on a LIFO basis for July is $ 353.80.

In Last In Last Out ( LIFO ) method of Inventory valuation assumes that the last cost incurred to purchase merchandise or the direct materials are the first costs charged against revenues.

ekkarill92 answered 2 years ago

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