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On May 11 ABC Company sold 100 units to the customer. At the date of this sale the ABC Company’s perpetual inventory records included the following cost layers for the inventory: Purchase date.   Quantity.    Unit Cost       Total Cost May 01                     60              $800.             $48000 May 03                     40              $820              $32800 May 07                      20             $850              $17000 Required: Prepare subsidiary ledger and Journal entries for CGS under:

On May 11 ABC Company sold 100 units to the customer. At the date of this sale the ABC Company’s perpetual inventory records included the following cost layers for the inventory: Purchase date.   Quantity.    Unit Cost       Total Cost May 01                     60              $800.             $48000 May 03                     40              $820              $32800 May 07                      20             $850              $17000 Required: Prepare subsidiary ledger and Journal entries for CGS under:

FINANCIAL ACCOUNTING
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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On May 11 ABC Company sold 100 units to the customer. At the date of this sale the ABC Company’s perpetual inventory records included the following cost layers for the inventory:


Purchase date.   Quantity.    Unit Cost       Total Cost


May 01                     60              $800.             $48000
May 03                     40              $820              $32800
May 07                      20             $850              $17000


Required: Prepare subsidiary ledger and Journal entries for CGS under:


1. Specific Identification Method ( 60 of the units sold were purchased on May 01 and the remaining units were purchased on May 03)


2. Average cost Method


3. FIFO Method


4. LIFO Method

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