FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Topic Video
Question

Please do not give solution in image format thanku 

Perpetual Inventory using LIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
140 units at $29
110 units
150 units at $30
120 units
Nov. 1 Inventory
10 Sale
15 Purchase
20 Sale
24 Sale
30 Purchase
The business maintains a perpetual inventory system, costing by the last-in, first-out method.
Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrate
in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and
Unit Cost column.
Date
Nov. 1
Nov. 10
Nov. 15
Nov. 20
35 units
140 units at $34
LIFO Method
DVD Players
Cost of
Cost of
Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory
Purchased Unit Cost Total Cost Sold Unit Cost
Total Cost Quantity Unit Cost Total Cost
0
00
expand button
Transcribed Image Text:Perpetual Inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 140 units at $29 110 units 150 units at $30 120 units Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrate in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and Unit Cost column. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 35 units 140 units at $34 LIFO Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost 0 00
20 Sale
24 Sale
30 Purchase
The business maintains a perpetual inventory system, costing by the last-in, first-out method.
Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are
in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory
Unit Cost column.
Date
Nov. 1
Nov. 10
Nov. 15.
Quantity Purchases Purchases Quantity
Purchased Unit Cost Total Cost
Sold
Nov, 201
Nov. 24
Nov. 30
0
120 units
35 units
140 units at $34
0
Nov. 30 Balances
LIFO Method
DVD Players
0
0
Cost of
Cost of
Goods Sold Goods Sold Inventory Inventory Inventory
Unit Cost Total Cost Quantity Unit Cost Total Cost
888
0
00000000
888
Nave
expand button
Transcribed Image Text:20 Sale 24 Sale 30 Purchase The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Date Nov. 1 Nov. 10 Nov. 15. Quantity Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Nov, 201 Nov. 24 Nov. 30 0 120 units 35 units 140 units at $34 0 Nov. 30 Balances LIFO Method DVD Players 0 0 Cost of Cost of Goods Sold Goods Sold Inventory Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost 888 0 00000000 888 Nave
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education