The inventory data for an item for November are: Nov. 1 Inventory 18 units at $23 4 Sold 10 units 10 Purchased 30 units at $19 17 Sold 15 units 30 Purchased 25 units at $25 Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO? a. $1,062 b. 5547 c. $515 d. $699
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Step 1: List the transactions in chronological order: Nov 1 beginning inventory 18 units @ $23; Nov 4 sold 10 units; Nov 10 purchased 30 units @ $19; Nov 17 sold 15 units; Nov 30 purchased 25 units @ $25. Show more…
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A company's inventory records indicate the following data for the month of January: Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 370 units @ $18 = $6,660 January 8 Purchase 350 units @ $20 = $7,000 January 12 Sale 620 units @ $70 January 17 Purchase 410 units @ $22 = $9,020 January 23 Sale 305 units @ $70 January 28 Purchase 470 units @ $24 = $11,280 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory?
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A company's inventory records indicate the following data for the month of January: Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 470 units @ $18 = $8,460 January 8 Purchase 450 units @ $20 = $9,000 January 12 Sale 820 units @ $70 January 17 Purchase 510 units @ $22 = $11,220 January 23 Sale 355 units @ $70 January 28 Purchase 570 units @ $24 = $13,680 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? Multiple Choice: $7,810 $18,890 $17,210 $22,540
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