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Determine the cost of inventory that will appear

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Question - Perpetual Inventory System

AMT Inc. sells DVD players. The company began the third quarter of the year on July l, 2019, with 750 units of inventory on hand. These units cost $50 each. The following transactions related to the company's merchandise inventory occurred during the third quarter of 2019.

July 15 Sold 450 units for $150 each

August 29 Purchased 500 units for $90 each

September 15 Sold 450 units for $200 each

September 28 Purchased 500 units for $1 17.50 each

September 30 Sold 800 units for $250 each

Required - Using a perpetual inventory system and the FIFO and LIFO methods:

a. Calculate the cost of goods sold that will appear on AMT's income statement for the quarter ending September 30.

b. Determine the cost of inventory that will appear on AMT's balance sheet at the end of September.

Reference no: EM132559979

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