Question
February 1 Beginning inventory 20 units @ $40; February 6 Purchases 60 units @ $42; February 17 Sales 50 units @ $80; February 23 Purchases
February 1 Beginning inventory 20 units @ $40;
February 6 Purchases 60 units @ $42;
February 17 Sales 50 units @ $80;
February 23 Purchases 40 units @ $46;
February 30 Sales 28 units @ $85.
What is ending inventory on a perpetual FIFO basis and what is ending inventory on a perpetual LIFO basis?
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Cornerstones Of Financial Accounting
Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone
2nd Canadian Edition
0176707123, 978-0176707125
