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Murphy, Inc., purchased a new inventory item two times during the month of April, as follows. Apr. 5 100 units @ $5.00 Apr. 15 100
Murphy, Inc., purchased a new inventory item two times during the month of April, as follows.
Apr. 5 100 units @ $5.00
Apr. 15 100 units @ $5.05
a.) What is the amount of the ending inventory of this item on April 30 if the company has sold 75 units and uses the LIFO inventory method?
b.) How would this amount differ if the company used the FIFO inventory method?
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