Compute the ending inventory using LIFO for both the periodic and the perpetual methods below: 40%
units
|
price
| ||||||
1-Jan
|
Beginning inventory
|
3,500
|
$3.00
| ||||
14-Jan
|
Bought
|
1,500
|
$3.15
| ||||
5-Feb
|
Sold
|
1,000
| |||||
22-Feb
|
Bought
|
2,000
|
$3.20
| ||||
7-Mar
|
Sold
|
1,500
| |||||
15-Mar
|
Sold
|
2,000
| |||||
5-Apr
|
Bought
|
1,000
|
$3.25
| ||||
10-Apr
|
Sold
|
800
| |||||
12-Apr
|
Sold
|
800
| |||||
22-Apr
|
Sold
|
500
| |||||
4-May
|
Sold
|
600
| |||||
10-May
|
Bought
|
2,000
|
$3.30
| ||||
25-May
|
Sold
|
300
| |||||
LIFO Periodic Inventory (scroll down to see Perpetual input area)
| |||||||
