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Suppose Greg's Tunes has the following inventory records for July 2013: Operating expense for July was $1900. Date Item Quantity Unit Cost Sale Price 1
Suppose Greg's Tunes has the following inventory records for July 2013:
Operating expense for July was $1900.
Date Item Quantity Unit Cost Sale Price
1 Beginning Inventory 100 units $8
10 Purchase 60 units $9
15 Sale 70 units $20
21 Purchase 100 units $10
30 Sale 90 units $25
calculate inventory amounts using FIFO & LIFO methods.
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