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B. Inventory Methods Elk Company has the following units available: Sales during 2021. Beginning Inventory 200 @ $5.00 Feb. 10 100 Feb. 15 purchase 300
| B. Inventory Methods | ||
| Elk Company has the following units available: | ||
| Sales during 2021. | ||
| Beginning Inventory | 200 @ $5.00 | Feb. 10 100 |
| Feb. 15 purchase | 300 @ $5.40 | Jun. 1 300 |
| Jul. 1 purchase | 300 @ $6.00 | Jul. 15 200 |
| 1. Calculate the Dec. 31 inventory value using Perpetual LIFO | ||
| 2. Calculate the Dec. 31 inventory value using average, periodic method | ||
| Available to sell | ||
| Units | ||
| Average | ||
| Units inventory | ||
| Inventory amount | ||
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Accounting Information Systems
Authors: George H. Bodnar, William S. Hopwood
11th Edition
0132871939, 978-0132871938
