Perpetual Irventory Using L the talowing units of a particui

Perpetual Irventory Using L the talowing units of a particuiar item were avalable for sale duing the calendar year 2.500 units 000 nits at 4,500 units 1000 nits Sept. 2 The frm maintains a erpetual inventory system Determine the cost of goods sald for each sale and the inventory belance nch sse, assuring the frito, d. Present the with the LOWER tcotfrst in the Inventery Unt Cost olumn MacBook Pro 3 4 5 6

Solution

Schedule of Cost of Goods Sold LIFO Method Purchases Cost of Goods Sold Inventory Date Quantity Unit cost Total Cost Quantity Unit cost Total Cost Quantity Unit cost Total Cost Jan. 1 4000 20 80000 Apr. 19 2500 20 50000 1500 20 30000 June. 30 6000 24 144000 1500 20 30000 6000 24 144000 Sept. 2 4500 24 108000 1500 20 30000 1500 24 36000 Nov. 15 1000 25 25000 1500 20 30000 1500 24 36000 1000 25 25000 Dec. 31 Balances 158000 91000