LIFO Perpetual Inventory The beginning inventory of merchandise at Keats Office
ID: 2563641 • Letter: L
Question
LIFO Perpetual Inventory The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows Number of Units 78 156 105 Date Transaction Per Unit Total $46,800 112,320 210,000 132,000 104,000 156,000 78,000 114,400 163,800 218,400 224,640 245,700 March 3 Inventory $600 720 2,000 2,000 800 2,000 2,000 880 2,100 2,100 960 2,100 8 Purchase 11 Sale 30 Sale 130 78 39 130 78 104 234 April 8 Purchase 10 Sale 19 Sale 28 Purchase May 5 Sale 16 Sale 21 Purchase 28 SaleExplanation / Answer
1. SCHEDULE OF COST OF GOODS SOLD :
78
156
600
720
46800
112320
105
720
75600
78
51
600
720
46800
36720
51
15
720
600
36720
9000
63
130
600
800
37800
104000
63
52
600
800
37800
41600
63
13
600
800
37800
10400
63
13
130
600
800
880
37800
10400
114400
63
13
52
600
800
880
37800
10400
45760
52
13
39
880
800
600
45760
10400
23400
24
234
600
960
14400
224640
24
117
600
960
14400
112320
2) Calculate following :
3) Ending inventory = 126720
PURCHASE COST OF MERCHANDISE SOLD INVENTORY ON HAND DATE Quantity unit cost TOtal cost quantity unit cost Total cost Quantity unit cost Total cost Mar 3 78 600 46800 Mar 8 156 720 11232078
156
600
720
46800
112320
mar 11105
720
75600
78
51
600
720
46800
36720
Mar 3051
15
720
600
36720
9000
63 600 37800 apr 8 130 800 10400063
130
600
800
37800
104000
apr 10 78 800 6240063
52
600
800
37800
41600
apr 19 39 800 3120063
13
600
800
37800
10400
apr 28 130 880 11440063
13
130
600
800
880
37800
10400
114400
may 5 78 880 6864063
13
52
600
800
880
37800
10400
45760
may 1652
13
39
880
800
600
45760
10400
23400
24 600 14400 may 21 234 960 22464024
234
600
960
14400
224640
may 28 117 960 11232024
117
600
960
14400
112320
Total 475440 126720Related Questions
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