Question

Beginning inventory, purchases, and sales for Item ER27 are as follows: October 1 Inventory 106 units...

Beginning inventory, purchases, and sales for Item ER27 are as follows:

October 1 Inventory 106 units @ $19
5 Sale 85 units
11 Purchase 118 units @ $23
21 Sale 99 units

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

a. Cost of merchandise sold on October 21 $fill in the blank 1
b. Inventory on October 31 $fill in the blank 2
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Homework Answers

Answer #1

Beginning Inventory @ $19 Each : 106 Units

Sale : 85 Units

Purchase @ $23 Each : 118 Units

Sale : 99 Units

Using Lifo Method (Perpetual Inventory System):

a.

Cost of Merchantise Sold:

= 99 Units @ $23 + 85 Units @$19

= $2,277 + $1,615

= $3,892

b.

Inventory on Oct 31:

= (106 - 85) * $19 + (118 - 99) * $23

= $399 + $437

= $836

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