Question
Question 2 (7 marks) McGuire Metals Ltd uses the periodic inventory method and had the following inventory information available: Units Unit Cost Unit Price 1
Question 2 (7 marks)
McGuire Metals Ltd uses the periodic inventory method and had the following inventory information available:
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| Units | Unit Cost | Unit Price |
| 1st January | Beginning inventory | 38 | $3 |
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| 20th February | Sale | 15 |
| $5 |
| 25th July | Purchase | 20 | $4 |
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| 20th October | Purchase | 10 | $5.5 |
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| 20th December | Sale | 30 |
| $8 |
Required
What would the Inventory amount be as reported on the balance sheet at 31 December 2019 if the perpetual LIFO method is used?
Use the following template in your Word document file. (Please round to the nearest whole dollar.)
| Metro Computer Company Ltd. | |||||||||
| FIFO | |||||||||
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| Purchases | Cost of sales | Inventory on hand | ||||||
| Date | Quantity | Unit cost | Total cost | Quantity | Unit cost | Total cost | Quantity | Unit cost | Total cost |
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ISE International Accounting
Authors: Timothy Doupnik, Mark Finn, Giorgio Gotti, Hector Perera
5th Edition
1260547981, 9781260547986
