Using the data below: 1-Mar had 2,200 liters at $.63 each 3-Mar purchased 2,550 liters at $.70
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Question:
Using the data below:
1-Mar had 2,200 liters at $.63 each
3-Mar purchased 2,550 liters at $.70 each
5-Mar sold 2,400 at $1.10
11-Mar purchased 4,100 liters at $.74 each
20-Mar purchased 2,600 liters at $.80 each
30-Mar sold 5,500 liters for $1.25
a) Prepare fifo. lifo average value of ending inventory - all 3 methods
b) Prepare all journal entries for either fifo or lifo- including closing entries use either periodic or perpetual inventory.
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