Question
Use the following information to complete an inventory chart for (a) FIFO and (b) LIFO. Assume a perpetual inventory system. (Use the forms that follow.)
Use the following information to complete an inventory chart for (a) FIFO and (b) LIFO. Assume a perpetual inventory system.(Use the forms that follow.)
Dec. 1 Beginning inventory70 units @ $14
9 Purchases30 units @ $16
17 Sales25 units
22 Purchases15 units @ $18
27 Sales40 units
Ending Inventory50 units
FIFO
Purchased
Cost of Merchandise Sold
Balance
Date
Units
Cost
Total
Units
Cost
Total
Units
Cost
Total
Dec
1
70
14
980
9
30
16
480
17
25
14
350
45
14
630
22
15
18
270
27
40
LIFO
Purchased
Cost of Merchandise Sold
Balance
Date
Units
Cost
Total
Units
Cost
Total
Units
Cost
Total
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Financial Accounting A User Perspective
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
6th Canadian Edition
470676604, 978-0470676608
