Jenny's Running Service Perpetual Inventory

Jenny's Running Service Perpetual Inventory - PERIODIC...

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Jenny’s Running Service - Perpetual Inventory FIFO Purchases Cost of Goods Sold (Income Stmt) Perpetual Inventory Balances (B/S) Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Apr. 1 5 7 10 12 15 16 20 22 25 28 30 Balances
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Jenny’s Running Service - Perpetual Inventory LIFO Purchases Cost of Goods Sold (Income Stmt) Perpetual Inventory Balances (B/S) Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Apr. 1 5 7 10 12 15 16 20 22 25 28 30 Balances
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Jenny, Forrest and Lt. Dan had to keep up with the various inventories they had been dealing with. If you recall, we used perpetual inventory when we dealt with the inventory. For this case study, we will ignore prior purchases and sales, and use the following information only. We will compute the inventory from the FIFO and LIFO point of view (using a perpetual inventory.) NOTE: The examples we have used in the past in my chapter 7 outline dealt with
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Unformatted text preview: PERIODIC inventories. On April 1, there was a beginning inventory of 100 units that cost us $10 each. On April 5, we sold 25 units. Later on the same day, we purchased and placed into inventory 100 more units at $11 each On April 7, we purchased 50 more units at $12. On April 10, we sold 125 units On April 12, we purchased 100 units at $13 On April 15, we sold 100 units. At 4:30 that day, we received and paid for 100 units at $14 On April 16, we purchased 200 units at $15. We later in the day sold 100 units April 20, we sell 250 units. April 22 we purchase 100 units at $20. We hear prices are sharply rising and later in the day order another 100 units, which now cost us $25 On April 25, we sell 150 units. April 28, we sell 50 units REQUIRED: Determine COGS and EI under LIFO and FIFO....
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This note was uploaded on 06/06/2011 for the course ACC 231 taught by Professor - during the Fall '10 term at Sam Houston State University.

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Jenny's Running Service Perpetual Inventory - PERIODIC...

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