Question
The following is a record of Whispering Companys transactions for the month of May 2017. May 1 Balance 440 units @ $22 May 10 Sale
The following is a record of Whispering Companys transactions for the month of May 2017.
| May 1 | Balance 440 units @ $22 | May 10 | Sale 340 units @ $42 | |||
| 12 | Purchase 590 units @ $23 | 20 | Sale 550 units @ $42 |
Compute the ending inventory under the perpetual system using FIFO and LIFO.
| FIFO | LIFO | |||
| Ending inventory | $ | $ |
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Cornerstones Of Financial Accounting
Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone
3rd Canadian Edition
017689859X, 9780176898595
