Help with LIFO??? How can I complete this chart using the LIFO method? Please explain how you get your answers! I am mostly having trouble with the March 15 sales and the October 5 sales. Thanks! The following information applies to the questions displayed below. The following information Hemming Co. reported the following current-year purchases and sales data for its only product. Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Activities Units Sold at Retail 50 units @$40 300 units @$40 430 units@$40 Units Acquired at Cost 200 units$10 2,000 350 units $15 5,250 450 units@ $20 9,000 100 units $25 2,500 ,100 units Totals $18,750 880 units Solution Perpetual LIFO 50 350 10 15 500 5250 50 50 10 15 500 750 50 50 450 10 15 20 500 750 9000 50 50 20 10 15 20 500 750 400 50 50 20 100 10 15 20 25 500 750 400 2500 .

1. Help with LIFO???
How can I complete this chart using the LIFO method? Please explain how you get your
answers! I am mostly having trouble with the March 15 sales and the October 5 sales. Thanks!
The following information applies to the questions displayed below. The following information
Hemming Co. reported the following current-year purchases and sales data for its only product.
Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase
Oct. 5 Sales Oct. 26 Purchase Activities Units Sold at Retail 50 units @$40 300 units @$40 430
units@$40 Units Acquired at Cost 200 units$10 2,000 350 units $15 5,250 450 units@ $20
9,000 100 units $25 2,500 ,100 units Totals $18,750 880 units
Solution
Perpetual LIFO
50
350
10
15
500
5250
50
50
10
15

2. 500
750
50
50
450
10
15
20
500
750
9000
50
50
20
10
15
20
500
750
400
50
50
20

3. 100
10
15
20
25
500
750
400
2500
DAte
Goods
Purchased
(units)
Goods
Puchased(Cost
per unit)
Cost of
goods
Sold(of
units
sold)
Cost of
goods
sold(cost
per unit)
Cost
of
goods
sold
Inventory
balance
(of units)
Invenory
balance
(cost per
unit)
Inventory
balance
Jan1 200 10 2000
jan
10
150 10 1500 50 10 500
mar
14
350 15
50
350
10
15
500
5250
Mar
15
300 15 4500
50
50
10
15
500
750
jul
30
450 20
50
50
450
10
15
20
500
750
9000
Oct 5 430 20 8600
50
50
20
10
15
20
500
750
400