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LIFO periodic vs perp_Solutions

# LIFO periodic vs perp_Solutions - COGS=2,600 COGS = 340...

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EXAMPLE OF LIFO PERIODIC VS PERPETUAL Problem 2. New Company manufactures soccer footballs. Company records indicate the following for the product. Date Item Quantity Unit Cost Dec 1 Balance 100 \$10 5 Sale 100 6 Purchase 100 \$8 10 Sale 40 11 Sale 40 12 Purchase 150 \$6 14 Sale 160 A. Compute the July ending inventory and cost of goods sold using LIFO periodic . EI=100 EI = 10 units = (10 x \$10) = \$100
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Unformatted text preview: COGS=2,600 COGS = 340 units = (150 x \$6) + (100 x \$8) + (90 x \$10) = \$2,600 B. Compute the July ending inventory and cost of goods sold using LIFO perpetual . EI=80 EI = 10 units = (10 x \$8) = \$80 COGS=2,620 COGS = 340 units = (100 x \$10) + (40 x \$8) + (40 x \$8) + (150 x \$6) + (10 x \$10) = \$2,620...
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