The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40
Apr. 19 Sale 2,500 units
June 30 Purchase 4,500 units at $44
Sept. 2 Sale 5,000 units
Nov. 15 Purchase 2,000 units at $46
The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method.

The cost of goods sold for eachs ale and the inventory balance after each sale, assuming the LIFO (last-in, first-out) method:

                  Cost of goods sold      Ending Inventory

Apr. 19   Sale            $100,000                   $60,000

Sept. 2  Sale             $218,000                   $40,000

Explanation:

a) Data and Calculations:

Date       Description       Units     Unit Cost      Total            Balance

Jan. 1      Inventory       4,000            $40        $160,000

Apr. 19   Sale               (2,500)                           (100,000)    $60,000

June 30 Purchase       4,500            $44          198,000     258,000

Sept. 2  Sale               (5,000)                           (218,000)      40,000

Nov. 15  Purchase       2,000            $46           92,000      132,000

Cost of goods sold:                              Ending Inventory

April 19: = 2,500 * $40 = $100,000     = 1,500 * $40 = $60,000

Sept 2: =  4,500 * $44 + 500 * $40    = 1,000 * $40 = $40,000

            =  $198,000 + $20,000

           =  $218,000

answer; that person may have a larger tax bill to pay on income taxes;

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi