Question

Compute FIFO and LIFO cost of goods sold and ending inventory under the perpetual inventory system. June 1 Beg. Balance 300 units @ $10 = $3,000 June 10 Sold 200 units @ $24 June 11 Purchased 800 units @ $12 = 9,600 June 15 Sold 500 units @ $25 June 20 Purchased 500 units @ $13 = 6,500

Name: compute fifo and lifo cost of goods sold and ending inventory under the perpetual inventory system june 1 beg balance 300 units 10 3000 june 10 sold 200 units 24 june 11 purchased 800 units 40886
Uploaded: 2023-08-04T21:06:34-08:00
Duration: 2 min 2 s
Channel: Brooke Bussoletti
Description: compute fifo and lifo cost of goods sold and ending inventory under the perpetual inventory system june 1 beg balance 300 units 10 3000 june 10 sold 200 units 24 june 11 purchased 800 units 40886

          Compute FIFO and LIFO cost of goods sold and ending inventory under the perpetual inventory system.
June 1
Beg. Balance 
300 units @ $10  = $3,000
June 10
Sold 
200 units @ $24
June 11
Purchased 
800 units @ $12  =   9,600
June 15
Sold 
500 units @ $25
June 20
Purchased 
500 units @ $13  =   6,500

Added by David P.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Brooke Bussoletti

08/04/2023

Step 1

Calculate the cost of goods sold (COGS) for each sale: - June 10: 200 units x $10 (FIFO) = $2,000 (COGS) - June 15: 300 units (100 from beginning inventory + 200 from June 11 purchase) x $10 (FIFO) + 200 units x $12 (FIFO) = $5,000 (COGS) Total COGS = $7,000 Show more…

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Compute FIFO and LIFO cost of goods sold and ending inventory under the perpetual inventory system. June 1 Beg. Balance 300 units @ $10 = $3,000 June 10 Sold 200 units @ $24 June 11 Purchased 800 units @ $12 = 9,600 June 15 Sold 500 units @ $25 June 20 Purchased 500 units @ $13 = 6,500