The Following Company Buys and Sells Identical Collectors' Coin Sets

question 59

Short Answer

The following company buys and sells identical collectors' coin sets.The company uses LIFO.Each coin set is identified by its letter and its cost in the first two columns below.Column 3 indicates when coin sets were sold.
For each inventory costing method given below,fill in the blanks to indicate the letter of the coin set which will be used to calculate either cost of goods sold or the cost of ending inventory.
PERIODIC INVENTORY: Inventory is taken on December 31,2018.
Cost of Goods Sold = _____ + _____ + _____ + _____ + _____
Ending inventory = _____ + _____ + _____
PERPETUAL INVENTORY
Cost of Goods Sold = _____ + _____ + _____ + _____ + _____
Ending inventory = _____ + _____ + _____
This example shows the cost of the coin sets increasing over time.Using the symbols " > " (greater than)," = " (equals),or " < " (less than),complete the following comparisons by filling in the blanks in the statements below
Using LIFO with increasing costs,cost of goods sold under periodic inventory _____ cost of goods sold under perpetual inventory.
Using LIFO with increasing costs,ending inventory under periodic inventory _____ ending inventory under perpetual inventory.
Using LIFO with increasing costs,net income under periodic inventory _____ net income under perpetual inventory.

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