Question
Questions 2-10 Inventory Analysis are using the LIFO method. The Eagle trading company discloses the following information for the month of May 2020. May 01:
Questions 2-10 Inventory Analysis are using the LIFO method.
The Eagle trading company discloses the following information for the month of May
2020.
May 01: Beginning inventory 800 units @ $11 each.
May 07: Purchased 1,000 units @ $10 each.
May 10: Sold 1,500 units @ $15 each.
May 15: Purchased 1,000 units @ $10 each.
May 20: Customer returned 500 units from April sale (returns are in inventory)
May 24: Sold 1,200 @ $15 each.
May 27: Sold 300 units @ $15.50 each.
2. Calculate total revenue:
_______________ Units @ ________________________
_______________ Units @ ________________________
_______________ Units @ ________________________
_______________ Units @ ________________________
______________
Cost of ending inventory
DATEPURCHASES SALES BALANCE
May 1
Beginning Balance
May 7
3. Subtotal
May 10
4. Subtotal
May 15
5. Subtotal
May 20
6. Subtotal
May 24
7. Subtotal
May 27
- Total
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Integrated Accounting For Windows
Authors: Dale A. Klooster, Warren Allen
6th Edition
0324664850, 9780324664850
