Question
Transactions for the month of June were: Purchases Sales June 1 (balance) 3120 @ $3.10 June 2 2330 @ $5.30 3 8820 @ 3.00 6
Transactions for the month of June were:
Purchases Sales
June 1 (balance) 3120 @ $3.10 June 2 2330 @ $5.30
3 8820 @ 3.00 6 6370 @ 5.30
7 4860 @ 3.20 9 4010 @ 5.30
15 7300 @ 3.30 10 1530 @ 5.00
22 2010 @ 3.40 18 5620 @ 5.00
25 800 @ 5.00
Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is
$15702.
$17417.
$18186.
$15902.
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Intermediate Accounting 2014 FASB Update
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
15th edition
978-1118938782, 111893878X, 978-1118985311, 1118985311, 978-1118562185, 1118562186, 978-1118147290
