Pls fill out and explain thank you 10 LIFO FIFO 2016, 9.39 AM pter Chapter 10 Pr
ID: 2417818 • Letter: P
Question
Pls fill out and explain thank you10 LIFO FIFO 2016, 9.39 AM pter Chapter 10 Practice Pfeifer Company maintains a perpetual inventory system and reported the followis the month of June June 11 Beginning inv Sale $101 106 500 600 450 900 850 160 1,000 980 4Purchase 108 11 Purchase 14 |Sale 17 Sale 25 Purchase 30 Sale 110 Assuming Pteifer sells each unit of inventory for $150 calculate the following for the of soods sold, gross margin and ending inventory for June assuming LIFO Date Purchases Cost of Sales inventory Balance
Explanation / Answer
date
LIFOdate
purchase sales closing stock units cost units cost units cost amount $ 1 500 101 50500 4 600 106 0 0 500 101 50500 600 106 63600 114100 7 0 0 450 106 500 101 50500 150 106 15900 66400 11 900 108 0 0 500 101 50500 150 106 15900 900 108 97200 163600 14 0 0 850 108 500 101 50500 150 106 15900 50 108 5400 71800 17 0 0 50 108 500 101 50500 110 106 40 106 4240 160 54740 25 1000 110 0 0 500 101 50500 40 106 4240 1000 110 110000 164740 30 0 0 980 110 500 101 50500 40 106 4240 20 110 2200 56940