18 Aug Question: Option #2: LIFO Perpetual Vs. LIFO Periodic Below Is A Record Of The Purchases And Sales Of Inventory Throughout The First Four Months. Units Cost/Price Per Unit 1/1/x7 Beginning Balance 100 $3.50 1/31/x7 Purchase 125 $4.00 2/15/x7 Purchase 250 $4.50 2/25/x7 Sale 150 $7.75 3/10/x7 Purchase 300 $5.00 3/31/x7 Purchase 75 $5.50 4/10/x7 Sale 225 $8.25 4/15/x7 …
Option #2: LIFO Perpetual vs. LIFO Periodic
Below is a record of the purchases and sales of inventory throughout the first four months.
| Units | Cost/Price Per Unit | |
| 1/1/x7 Beginning Balance | 100 | $3.50 |
| 1/31/x7 Purchase | 125 | $4.00 |
| 2/15/x7 Purchase | 250 | $4.50 |
| 2/25/x7 Sale | 150 | $7.75 |
| 3/10/x7 Purchase | 300 | $5.00 |
| 3/31/x7 Purchase | 75 | $5.50 |
| 4/10/x7 Sale | 225 | $8.25 |
| 4/15/x7 Purchase | 100 | $6.00 |
| 4/30/x7 Sale | 350 | $8.50 |
Requirement
- Calculate the cost of goods sold under the LIFO Perpetual Method for each of the below sales.
| Units | Cost Per Unit | Total | |
| 2/25/x7 Sale | |||
| Show Detail | |||
| Show Detail | |||
| 4/10/x7 Sale | |||
| Show Detail | |||
| Show Detail | |||
| 4/30/x7 Sale | |||
| Show Detail | |||
| Show Detail | |||
| Total |
- Calculate the cost of goods sold under the LIFO Periodic Method for each of the below sales.
| Units | Cost Per Unit | Total | |
| 2/25/x7 Sale | |||
| Show Detail | |||
| Show Detail | |||
| 4/10/x7 Sale | |||
| Show Detail | |||
| Show Detail | |||
| 4/30/x7 Sale | |||
| Show Detail | |||
| Show Detail | |||
| Total |
- What is the main reason for the differences in the two methods?
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