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The following is a record of Novak Companys transactions for Colt Products for the month of May 2025. May 1 Balance 750 units @ $
The following is a record of Novak Companys transactions for Colt Products for the month of May 2025.
May 1 | Balance | 750 units | @ | $10 | May 10 | Sale | 563 units | @ | $21 | ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
12 | Purchase | 1,125 units | @ | $13 | 20 | Sale | 1,013 units | @ | $21 | ||||
28 | Purchase | 750 units | @ | $14 |
Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 1,049 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?
(1) FIFO | (2) LIFO | |||
---|---|---|---|---|
Ending inventory | $enter a dollar amount | $enter a dollar amount |
Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.
(1) FIFO | (2) LIFO | |||
---|---|---|---|---|
Ending inventory | $enter a dollar amount | $enter a dollar amount |
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