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The riley compnay reports the following for the month of Novemeber Date Explanation Units Unit cost or unit selling price 11/1 Inventory 300 $10 11/8
The riley compnay reports the following for the month of Novemeber
Date Explanation Units Unit cost or unit selling price
11/1 Inventory 300 $10
11/8 Purchase 300 $11
11/10 Sale 200 $25
11/18 Purchase 50 $12
11/25 Sale 300 $28
1. The Riley company uses a perpetual system, Calculate the cost of the ending inventory at 11/30 and the cost of goods sold for the month of November under the LIFO cost flow assumption.
2. Prepare journal entry to record the sale on 11/25 assuming that the sale was on credit.
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