Answer Happy

Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,400 units at $22 Apr. 19 Sale 2,600 units June 30 Purchase 5,600 units at $27 Sept. 2 Sale 4,700 units Nov. 15 Purchase 600 units at $28 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar. Schedule of Cost of Goods Sold LIFO Method Invent Cost of Goods Sold Purchases
Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Feedback Quantity 5,600 600 Balances cent, and for total cost values to the nearest dollar. Purchases Total Cost Unit Cost 27 28 or more different costs, Round your answers for quantity values to the nearest whole number, Invent Unit C Total Cost Quantity 4,400 X X 5,600 X 600 X 600 Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Quantity Unit Cost 2,600 825 4,700 X 16