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What was Lannister cost of goods sold for the sale

    Assignment Instructions

    Assignment ID: FG133134230

    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?

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