ACCOUNTING questions2?

Question

46. The Baby Company sells blankets for $30 each.  The following was taken from the inventory records during July.

Date

Product T

Units

Cost

July 3

Purchase

5

$15

July 10

Sale

3

 

July 17

Purchase

10

$17

July 20

Sale

6

 

July 23

Sale

3

 

July 30

Purchase

10

$20

Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of July the Lifo inventory cost method. (Points: 4)

       $181

       $274

       $260

       $247

Answer 1

Qn 46

Date Product T Units Cost

July 3 Purchase 5 $15

July 10 Sale 3

(COGS 3 X $15 = $45)

July 17 Purchase 10 $17

July 20 Sale 6

July 23 Sale 3

(COGS 9 x $17 = $153)

July 30 Purchase 10 $20

Ending inventory = $247