Shown below is the activity for one of the products of Random Creations: - 13411

Solution Posted by
yousafbhutta

yousafbhutta

Rating : (28)C
Solution Detail
Price: $3.00
  • From: Business,
  • Posted on: Sun 19 Aug, 2012
  • Request id: None
  • Purchased: 0 time(s)
  • Average Rating: No rating
Request Description

 

Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50   $4,000

 

Purchase:

 

January 18: 40 units @ $51

 

January 28: 40 units @ $52

 

Sales:

 

January 12: 30 units

 

January 22: 30 units

 

January 31: 45 units

 

 

 



 

Reference: 8-15

 

 

 

Required: Compute the ending inventory and cost of goods sold assuming Random Creations uses LIFO and perpetual inventory system.

 

Solution Description

 

Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50   $4,000

 

Purchase:

 

January 18: 40 units @ $51