Question
Use the following information to calculate ending inventory on (a) a LIFO basis, (b) a FIFO basis, and (c) an average-cost basis. Assume a perpetual
Use the following information to calculate ending inventory on (a) a LIFO basis, (b) a FIFO basis, and (c) an average-cost basis. Assume a perpetual inventory system. (6 points) (Show your work)
| Dec. | 1 |
| Beginning inventory | 70 units @ $28 |
|
| 9 |
| Purchases | 30 units @ $32 |
|
| 17 |
| Sales | 25 units |
|
| 22 |
| Purchases | 15 units @ $36 |
|
| 27 |
| Sales | 40 units |
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Modern Auditing
Authors: William C. Boynton, Walter G. Kell, Raymond N. Johnson, Dr William Boynton
7th Edition
047118909X, 978-0471189091
