Reference no: EM133134230
Question - Lannister Inc. holds 12,000 units of inventory on January 1, 2017, which have the following costs using LIFO (last-in, first-out):
|
Inventory Lot
|
Date
|
Units
|
Cost / Unit
|
Total Cost
|
|
A
|
4/22/2012
|
2,000
|
$60
|
$120,000
|
|
F
|
10/15/2014
|
4,000
|
$84
|
$336,000
|
|
I
|
12/22/2016
|
6,000
|
$125
|
$750,000
|
During January 2017, Lannister records the following transactions:
Sells 8,000 units on January 3.
Purchases 5,000 units on January 10 at a cost of $130 per unit.
Sells 2,500 units on January 12
Purchases 4,500 units on January 18 at a cost of $132 per unit.
Sells 3,000 units on January 25.
1. Using perpetual LIFO, what was Lannister's cost of goods sold (COGS) for the sale that occurred on January 3?
2. Using perpetual LIFO, what Lannister's cost of goods sold (COGS) for the sale that occurred on January 12?
3. Using perpetual LIFO, what was Lannister's cost of goods sold (COGS) for the sale that occurred on January 25?
4. Using perpetual LIFO, what was cost of goods sold (COGS) for the month of January, 2017?