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Question
Beginning inventory, purchases, and sales data for widgets are as follows:
| Apr. 3 | Inventory | 15 units | @ | $30 |
| 11 | Purchase | 12 units | @ | $27 |
| 14 | Sale | 18 units | ||
| 21 | Purchase | 7 units | @ | $25 |
| 25 | Sale | 10 units |
Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and computes the cost of merchandise sold and ending inventory using LIFO.
| | Purchases | Cost of Merchandise Sold | Inventory | ||||||
Date | Qty. | Unit Cost | Total Cost | Qty. | Unit Cost | Total Cost | Qty. | Unit Cost | Total Cost |
| | | | |||||||
| | Total cost of merchandise sold | Ending inventory value | |||||||
Answer
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