Can’t figure out how to do the lifo KFGH.DARequirementPrepare a perpetual inventory record using, FIFO, LIFO, and weighted-average inventory costing methods,and determine cost of goods sold and ending merchandise inventory. Use cell references from Data Tablefor quantities and unit cost. Use Excel formulas for total costs and total quantities. Format weightedaverage unit cost and total cost to display two decimal places.1 Inventory Flow Assumptions2DATA4DateDescriptionUnitsPer UnitJan 1Inventory on hand1,00046.Jan 3Purchase3,0005.7Jan 6Sale2,750109Jan 15Purchase5,00024610Jan 22Sale4,50010$438,500.001,75010,500.00358,00045.0007,250363738LIFOPurchasesCOGSInventory on Hand39DateQuantityUnit costTotal CostQuantityUnit costTotal CostQuantityUnit costTotal Cost4041Jan 1424344Jan 345464748Jan 649505152Jan 155354555657Jan 225859606162should be 8,250636465Weighted-Average66PurchasesCOGS

Last in first out is also written as LIFO. It is the method used for valuation of material and…

Answered: DATA Units Per Unit Description…

DATA Units Per Unit Description Inventory on hand Purchase Date Jan 1 1,000 2$ 4 Jan 3 3,000 2$ Jan 6 Sale 2,750 10 Jan 15 Purchase 5,000 6 Jan 22 Sale 4,500 10 8,000 2$ 45,000

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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Question

100%

Can’t figure out how to do the lifo

K
F
G
H.
D
A
Requirement
Prepare a perpetual inventory record using, FIFO, LIFO, and weighted-average inventory costing methods,
and determine cost of goods sold and ending merchandise inventory. Use cell references from Data Table
for quantities and unit cost. Use Excel formulas for total costs and total quantities. Format weighted
average unit cost and total cost to display two decimal places.
1 Inventory Flow Assumptions
2
DATA
4
Date
Description
Units
Per Unit
Jan 1
Inventory on hand
1,000
4
6.
Jan 3
Purchase
3,000
5.
7
Jan 6
Sale
2,750
10
9
Jan 15
Purchase
5,000
24
6
10
Jan 22
Sale
4,500
10
$4
38,500.00
1,750
10,500.00
35
8,000
45.000
7,250
36
37
38
LIFO
Purchases
COGS
Inventory on Hand
39
Date
Quantity
Unit cost
Total Cost
Quantity
Unit cost
Total Cost
Quantity
Unit cost
Total Cost
40
41
Jan 1
42
43
44
Jan 3
45
46
47
48
Jan 6
49
50
51
52
Jan 15
53
54
55
56
57
Jan 22
58
59
60
61
62
should be 8,250
63
64
65
Weighted-Average
66
Purchases
COGS

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