solve the following exercise PE 73A Perpetual inventory usin

solve the following exercise

PE 7-3A Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item Zebra 9x are as follows April 1 Inventory 420 units at Sale 10 Prchase250 units 300 units 280 units at 5 18 27 Sale Assuming a perpetual inventory system and using the lass-in, ficst-out CLUFO) method, detce mine (a) the cost of sold on April 27 and (h) the inventory on April 30

Solution

Purchase Cost of Goods Sold Closing Invetory QTY Rate Amount QTY Rate Amount QTY Amount 1-Apr 420 3360 10-Apr 300 8 2400 -300 -2400 120 960 120 960 18-Apr 280 9 2520 0 0 0 280 2520 400 3480 400 3480 250 9 2250 -250 -2250 Total 550 4650 150 1230 QTY Amount Cost of Goods Sold 550 $4650 Inventory on April 30 150 $1230