Question
Linda Lampshades started business on Jan. 1, 2001. They had the following inventory transactions: Journals- Jan. 2001 Purchases Supplier Date Recieved Quanitity Unit Cost Amount
Linda Lampshades started business on Jan. 1, 2001. They had the following inventory transactions:
Journals- Jan. 2001
Purchases
Supplier Date Recieved Quanitity Unit Cost Amount
Donna 01/10/01 110 12.00 1320.00
Thomas 01/15/01 160 14.00 2240.00
Cindy 01/18/01 150 15.00 2250.00
Sales
Customer Date Shipped Quanitity Sel. Price Amount
Norilene 01/16/01 200 25.00 5000.00
1.Calculate the ending inventory, using the perpetual inventory method:
A. Using FIFO
B. Using LIFO
C. Using Average Cost
2. Prepare the following statement
Using
FIFO LIFO Average Cost
Sales
Cost of Sales
Gross Profit
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