LIFO (Learning Objective 2) 1015 min. Refer to the data for E5-16A. However, instead of the FIFO

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LIFO (Learning Objective 2) 10–15 min.

Refer to the data for E5-16A. However, instead of the FIFO method, assume Riley’s Sports Shop uses the LIFO method.

Requirements 1. Prepare a perpetual inventory record for the cameras on the LIFO basis to determine the cost of ending inventory and cost of goods sold for the month.

2. Journalize Riley’s Sports Shop’s inventory transactions using the perpetual LIFO method. Assume that all purchases and sales are on account.

AppendixLO1

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Financial Accounting

ISBN: 9781292019543

3rd Global Edition Edition

Authors: Robert Kemp, Jeffrey Waybright, Pearson Education

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