Homework SourseHYT Company sells computer monitors only one model During Fe
HYT Company sells computer monitors (only one model). During February 2017, its inventory records were as follows: Date Units Unit Cost Total Cost Beginning Inventory 10 $20 $200 February 3 Purchase 21 $21 $441 February 5 Purchase 11 $23 $253 February 7 Sale -26 N/A February 9 Sale -14 N/A February 13 Purchase 21 $22 $462 February 23 Purchase 23 $19 $437 February 25 Sale -14 N/A February 27 Sale -23 N/A The cost of goods sold using the perpetual LIFO method is: Select one: a. $1,599 b. $1,622 c. $1,585 d. $1,613
Solution
Calculate cost of goods sold under LIFO perpetual method :
10
21
20
21
200
441
10
21
11
20
21
23
200
441
253
11
15
23
21
253
315
10
6
20
21
200
126
6
8
21
20
126
160
2
21
20
22
40
462
2
21
23
20
22
19
40
462
437
2
21
9
20
22
19
40
462
171
9
14
19
22
171
308
2
7
20
22
40
154
Cost of goods sold = $1599
So answer is a) $1599
| Date | Unit | Cost per unit | Total cost | Unit | Cost per unit | Cost of goods sold | Unit | cost per unit | Ending inventory |
| Beginning inventory | 10 | 20 | 200 | ||||||
| Feb 3 | 21 | 21 | 441 | 10 21 | 20 21 | 200 441 | |||
| Feb 5 | 11 | 23 | 253 | 10 21 11 | 20 21 23 | 200 441 253 | |||
| Feb 7 | 11 15 | 23 21 | 253 315 | 10 6 | 20 21 | 200 126 | |||
| Feb 9 | 6 8 | 21 20 | 126 160 | 2 | 20 | 40 | |||
| Feb 13 | 21 | 22 | 462 | 2 21 | 20 22 | 40 462 | |||
| Feb 23 | 23 | 19 | 437 | 2 21 23 | 20 22 19 | 40 462 437 | |||
| Feb 25 | 14 | 19 | 266 | 2 21 9 | 20 22 19 | 40 462 171 | |||
| Feb 27 | 9 14 | 19 22 | 171 308 | 2 7 | 20 22 | 40 154 |
