Answered: 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…

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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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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