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Homework answers / question archive / Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 101 15 9 Sale 93 16 Purchase 129 21 25 Sale 84 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the Cost of Goods Sold in November
Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 101 15 9 Sale 93 16 Purchase 129 21 25 Sale 84 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the Cost of Goods Sold in November.
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Computation of Cost of Goods Sold in November using LIFO Method:
| LIFO Basis: | |||||||||
| Date | Purchases | Sales | Inventory Balance | ||||||
| Units | Unit Cost | Total Cost | Units | Unit Cost | Total Cost | Units | Unit Cost | Total Cost | |
| 1-Nov | 101 | $15 | $1,515 | ||||||
| 9-Nov | 93 | $15 | $1,395 | 8 | $15 | $120 | |||
| 16-Nov | 129 | $21 | $2,709 | 8 | 15 | 120 | |||
| 129 | $21 | $2,709 | |||||||
| 25-Nov | 84 | $21 | $1,764 | 8 | 15 | 120 | |||
| 45 | $21 | $945 | |||||||
| Total | 177 | $3,159 | 53 | $1,065 | |||||
So, Cost of Goods Sold is $3,159.
