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The following is a record of Coronado Companys transactions for Boston Teapots for the month of May 2017. May 1 Balance 440 units at $19
The following is a record of Coronado Companys transactions for Boston Teapots for the month of May 2017.
May 1 | Balance | 440 units | at | $19 | May 10 | Sale | 330 units | at | $41 | ||||
12 | Purchase | 660 units | at | $25 | 20 | Sale | 594 units | at | $41 | ||||
28 | Purchase | 440 units | at | $28 |
Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 616 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?
Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.
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