Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit cost SalesBeginning inventory800$50 Purchased600$52 Sold400 $80Sold350 $90Ending inventory 650 Use this chart:LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number of UnitsUnit CostTotal Cost Number of UnitsUnit CostTotal Cost Number of UnitsUnit CostTotal CostBeginning Purchase Sale Sale

Please find the calculation of the Cost of Goods using the LIFO method inventory costing in Step -2…

Answered: Calculate the cost of goods sold dollar…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).

	Number of Units	Unit cost	Sales
Beginning inventory	800	$50
Purchased	600	$52
Sold	400		$80
Sold	350		$90
Ending inventory	650

Use this chart:

LIFO (perpetual) Inventory
	Cost of Goods Purchased		Cost of Goods Sold	Cost of Inventory Remaining
	Number of Units	Unit Cost	Total Cost	Number of Units	Unit Cost	Total Cost	Number of Units	Unit Cost	Total Cost
Beginning

Purchase


Sale


Sale

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