Question
The following is a record of Tamarisk Companys transactions for Boston Teapots for the month of May 2020. May 1 Balance 464 units @ $20.00
The following is a record of Tamarisk Companys transactions for Boston Teapots for the month of May 2020.
| May 1 | Balance | 464 units | @ | $20.00 | May 10 | Sale | 348 units | @ | $34.00 | ||||
| 12 | Purchase | 696 units | @ | $25.00 | 20 | Sale | 626 units | @ | $34.00 | ||||
| 28 | Purchase | 464 units | @ | $30.00 |
(a)Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 650 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?
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Accounting
Authors: Charles T. Horngren, Walter T. Harrison
7th Edition
0132439603, 9780132439602
