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a View all solutions

Cost
Cost of of
goods goods Ending
purchase sold inventory

Units Unit Total Unit Total

Units cost Total cost Units cost cost Units cost cost

May
1 400 4.20 1,680

May
3 200 4.20 840 200 4.20 840

May
4 1,300 4.10 5,330 1,500 4.11 6,170

May
6 1,000 4.11 4,110 500 4.11 2,060

May
8 800 4.30 3,440 1,300 4.23 5,500

May
12 900 4.23 3,807 400 4.23 1,693

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5/20/2021 27. A Record Of Transactions For The Month Of May ... | Chegg.com

May 700 4.40 3,080 1,100 4.34 4,773

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8,757 1,100 4,773

Ending inventory = $4,773

b.

Date Units Selling price per share Sales

May 3 200 $7 1,400

May 6 1,000 $7 7,000

May 12 900 $7.50 6,750

$15,150

Gross pro t = Sales - Cost of goods sold

= 15,150 - 8,757

= $6,393

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Q: Perpetual LIFO. A record of transactions for the month of May was as follows: Purchases May 1 (balance) 400 @
$4.20 May 3 1,300 @ $4.10 6 800 @$4.30 12 700 @ $4.40 1,200 @ $4.50 500 @ $4.55 Sales 200 @ $7.00 1,000 @ 7.00
900 @ 7.50 400 @ 7.50 1,400 @ 8.00 18 Assuming that perpetual inventory records are kept in dollars, determine the
ending inventory using LIFO.

A: See answer

Q: 3. A record of transactions for the month of May was as follows: Purchases Sales 200 @ $7.00 6 1,000 7.00 900 7.50
400 7.50 25 1,400 8.00 May 3 May 1 (balance) 400$4.20 1,300 @ $4.10 800 $4.30 700 $4.40 1,200 a $4.50 500 $4.55
4 14 29 12 18 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and the
cost of goods sold using: a. LIFO b. FIFO...

A: See answer 100% (1 rating)

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