Jan. 1 Beginning inventory Jan. 11: Sales Jan. 15:Purchase Jan. 17:Sales Jan. 21: Purchase Jan. 23: Sales Totals Cost of Goods Sold - Perpetual LIFO: 560: 840 890: Ending Inventory- Perpetual LIFO: 2,290; Calculate cost of goods sold for the January 11 sale of 450 units Calculate cost of goods sold for the January 17 sale of 670 units. $14 17 19 Units Sold 450 Total Cost of Goods Sold for January - 1,920 units Units in Ending Inventory Total Ending Inventory for January - 370 units $7,840 14,280 16.910 $39,030 @ units @ units @ units @ @ 450 670 800 1,920 Cost per unit $14 $14; Cost per unit $40 $40 $40: per unit = units@ units $18,000 26,800 32,000 $76,800 Cost of Goods Sold $6,300 Inventory Balance

Jan. 1 Beginning inventory Jan. 11: Sales Jan. 15:Purchase Jan. 17:Sales Jan. 21: Purchase Jan. 23: Sales Totals Cost of Goods Sold - Perpetual LIFO: 560: 840 890: Ending Inventory- Perpetual LIFO: 2,290; Calculate cost of goods sold for the January 11 sale of 450 units Calculate cost of goods sold for the January 17 sale of 670 units. $14 17 19 Units Sold 450 Total Cost of Goods Sold for January - 1,920 units Units in Ending Inventory Total Ending Inventory for January - 370 units $7,840 14,280 16.910 $39,030 @ units @ units @ units @ @ 450 670 800 1,920 Cost per unit $14 $14; Cost per unit $40 $40 $40: per unit = units@ units $18,000 26,800 32,000 $76,800 Cost of Goods Sold $6,300 Inventory Balance

Name: REQUIRED: Determine the cost assigned to ending inventory and to cost
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Description: REQUIRED: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Eachyellow cell must include a formula using cell references, EVEN IF THE FORMULA RESULT IS ZERO.DateJan. 1 Beginning inventoryJan. 11: SalesJan. 15 Purc

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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Q1
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