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Using a LIFO perpetual cost flow, calculate the value of the ending inventory and the cost of goods sold for the month of November of Beamer Company using the data below.
Nov 1 Purchased 600 units $80 each
Nov 4 Sold 200 units
Nov 11 Purchased 350 units $82 each
Nov 12 Sold 275 units
Nov 22 Purchased 175 units $84 each
Nov 23 Sold 155 units
Calculate the following:
Inventory valuation at the end of November

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Answer:

Ending inventory= $39,830

Explanation:

Giving the following information:

Company using the data below.

Nov 1 Purchased 600 units $80 each

Nov 4 Sold 200 units

Nov 11 Purchased 350 units $82 each

Nov 12 Sold 275 units

Nov 22 Purchased 175 units $84 each

Nov 23 Sold 155 units

Under the LIFO (last-in, first-out) method, the ending inventory cost is calculated using the cost of the firsts units incorporated. Using the perpetual method, the company identifies the cost with each specific unit.

Ending inventory in units= total units - units sold= 495 units

COGS:

Nov 4= 200*80= 16,000

Nov 12= 275*82= 22,550

Nov 23= 155*84= 13,020

Ending inventory= 400*80 + 75*82 + 20*84= $39,830

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