Jackson Enterprises markets the CDs for the performing artist Adam Lavine. At th

Question

Jackson Enterprises markets the CDs for the performing artist Adam Lavine. At the beginning of march, Jackson had beginning inventory of 1,500 lavine CDs with a unit cost of $7. During March, Jackson made the following purchases of Lavine CDs. During March, 12,500 units were sold. Jackson uses a perpetual inventory system. Prepare answers on an Excel spreadsheet using the following templates. Label each answer with the letter in parenthesis. Prove the accuracy of the cost of goods sold under LIFO.

Explanation / Answer

Calculations A B C D E = C x D Quantity Rate Issued Rate Amount Opening 1500 7 5-Mar 3000 8 1000 8 8000 13-Mar 5500 9 5500 9 49500 21-Mar 4000 10 4000 10 40000 26-Mar 2000 11 2000 11 22000 12500 COGS 119500

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