Question

8uoro In 2019,ts nventory Sells boo ks Durin g Juk recods for the catc qury childerns noaks were as Poliows price par Book total O books July 1 purshace sale Ju7 Arshate 130lo0oks 220 b0oks 120 $7 -$910 N/A 6.50 fArshace July 23 sale Apnl 28 q4 34 N/A $7.S0 pur shace $ 255 LIFO papetual COSt OF goods Sold A2 06 AAoa B) 583 21128 geed

Answer 1

Solution Required Determine the cost of goods sold using LIFO Perpetual cost assumption Goods Purchased Cost of Goods sold Inventory Balance Cost per #of units Cost per Cost of Cost per Inventory Date #of units #of units unit sold unit Goods Sold unit Balance July 1 110 $6.00 $660.00 $660.00 $910.00 July 7 130 $7.00 $6.00 110 $7.00 130 $6.00 $120.00 $910.00 July 11 $7.00 130 $540.00 90 $6.00 $120.00 July 17 $6.50 $6.00 126 20 $6.50 $819.00 126 $611.00 July 23 $6.50 20 $6.00 $120.00 94 $208.00 $6.50 32 $120.00 $208.00 $255.00 July 28 $7.50 $6.00 34 20 $6.50 32 $7.50 34 $2,061.00 Totals $583.00 290 314 86 Cost assigned to ending inventory 583 Cost of Goods sold 2,061 Perpetual LIFO cost of Goods sold is A) $2,061 20