Van Dyke Company reported the following July purchases and sales data. They also had 27 units @ $23 per unit at the beginning of July. The company uses a perpetual inventory system.
| Date | Purchases | Sales | |||||
| Units | Cost/Unit | Total Cost | Units | ||||
| July 1 | Beginning Inventory | 27 | $23 | = | $621 | ||
| July 3 | Purchase | 8 | $25 | = | $200 | ||
| July 8 | Sale | 14 | |||||
| July 12 | Purchase | 6 | $20 | = | $120 | ||
| July 17 | Purchase | 12 | $26 | = | $312 | ||
| July 23 | Sale | 28 | |||||
| July 31 | Purchase | 9 | $24 | = | $216 | ||
| Totals | 62 | $1,469 | |||||
Create a perpetual inventory record assuming LIFO inventory costing and compute the cost of goods sold (COGS) and ending inventory for Van Dyke Company assuming the LIFO costing method.
| Purchases | Cost of Goods Sold | Inventory on Hand | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Dates | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
| July 1 | |||||||||
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| July 31 | |||||||||
| July 31 | |||||||||
Cost of Goods Sold: $
Ending Inventory: $