Question

# Determine Colour ending inventory and cost of goods sold under the LIFO perpetual basis. Begin by...

Determine Colour ending inventory and cost of goods sold under the LIFO perpetual basis. Begin by preparing Colour perpetual inventory record under the​ last-in, first-out​ (LIFO) method for the year

 Transaction Units Sales in Units Unit Cost Total Cost Beginning inventory 1/1 5,500 \$51 \$280,500 Purchases March 30 4,500 67 301,500 July 15 850 70 59,500 September 1 6,600 Total available for sale 10,850 \$641,500 Units sold September 1 (6,600) Ending inventory 4,250
 LIFO: Cost of Cost of Units Unit Total Units Goods Sold Goods Inventory Transaction Purchased Cost Cost Sold Per Unit Sold Balance Beginning inventory 1/1 Purchase - March 30 Purchase - July 15 Sale - September 1

#### Homework Answers

Answer #1

Answer- Ending inventory under LIFO method = \$216750.

Cost of goods sold under LIFO method = \$424750

Explanation-

 LIFO Method Goods purchased Cost of goods sold Inventory balance Date # of units Cost per unit # of units sold Cost per unit Cost of goods sold # of units Cost per unit Inventory balance Jan-01 5500 51 280500 Mar-30 4500 67 5500 51 280500 4500 67 301500 Jul-15 850 70 5500 51 280500 4500 67 301500 850 70 59500 Sep-01 850 70 59500 4250 51 216750 4500 67 301500 1250 51 63750 Totals 6600 424750 4250 216750
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