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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: March...

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item CZ83 are as follows:

March 1 Inventory 110 units @ $16
5 Sale 88 units
11 Purchase 122 units @ $19
21 Sale 102 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31.

a. Cost of merchandise sold on March 21 $
b. Inventory on March 31 $
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Answer #1

prepetual inventory under LIFO METHOD

Date Particular purchases cost of goods sold ending inventory
Mar 1 inventory 110×$16 = $1760
Mar 5 sales 88×$16 = $1408 22×$16 = $352
Mar11 purchases 122×$19 = $2318

22×$16 = $352

122×$19 = $2318
Mar 22 sales 102 ×$19 = $1938

22×$16 = $352

20×$19 =$380

Cost of goods sold = $1408+$1938 = $3346

Ending inventory = (22×$16 ) + (20×$19)= $352+380 = $732

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