Question

39.Wildhorse has the following inventory data:July 1Beginning inventory32 units at $6.505Purchases130 units at $7.1014Sale86 units21Purchases65 units at $7.8030Sale60 unitsAssuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July

Answer 1

DATE	GOODS PURCHASED	COST OF GOODS SOLD	INVENTORY BALANCE
	NO OF UNITS	COST PER UNIT	GOODS PURCHASED	NO OF UNITS	COST PER UNIT	COST OF GOODS SOLD	NO OF UNITS	COST PER UNIT	INVENTORY BALANCE
July 1 Beginning inventory							32	6.5	208
Jul-05	130	7.1	923				32	6.5	208
							130	7.1	923
Jul-14				86	7.1	610.6	32	6.5	208
							44	7.1	312.4
Jul-21	65	7.8	507				32	6.5	208
							44	7.1	312.4
							65	7.8	507
Jul-30				60	7.8	468	32	6.5	208
							44	7.1	312.4
							5	7.8	39
						1078.6	492		3446.2