
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
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 |
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Unit Cost |
Total Cost |
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