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Business · Accounting
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Option #1: Inventory Entries Practice Exercises

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

Requirements:

  1. How many units were available for sale throughout the year?
  2. What was the total value of all goods available for sale throughout the year?
  3. How many physical units were sold?
  4. How many physical units are in ending inventory?
  5. What is the total sales value for all three sales?

Units

Price Per Unit

Total

2/25/x7 Sale

4/10/x7 Sale

4/30/x7 Sale

Total

Each assignment must include a title page and reference page. Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.

Note: The download the template required for this assignment is located in the Module 4 folder.

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

  1. 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

  1. 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

  1. What is the main reason for the differences in the two methods?

Each assignment must include a title page and reference page. Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.

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