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A company’s inventory records report the following in November of the current year: Beginning November 1...

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Accounting

A company’s inventory records report the following in Novemberof the current year: Beginning November 1 6 units @ $6 PurchaseNovember 2 12 units @ $8 Purchase November 12 8 units @ $10 OnNovember 8, it sold 14 units for $36 each. Using the LIFO perpetualinventory method, what was the amount recorded in the cost of goodssold account for the 14 units sold?

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Perpetual LIFO :
Goods Purchased Cost of goods sold Inventory Balance
Date NO of units Cost per unit No of units Cost per unit Cost of goods sold No of units Cost per unit Inventory Balance
01-Nov 6 $          6.00 6 $          6.00 $                 36.00
02-Nov 12 $          8.00 6 $          6.00 $                 36.00
12 $          8.00 $                 96.00
08-Nov 12 $          8.00 $                 96.00 0 $          8.00 $                      -  
2 $          6.00 $                 12.00 4 $          6.00 $                 24.00
12-Nov 8 $         10.00 4 $          6.00 $                 24.00
8 $         10.00 $                 80.00
14 $               108.00 12 $                104.00
Cost of Goods sold for 14 Units = $108

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