fautless1
Jul 5, 2007, 07:27 PM
I need help on these problems for my accounting class.
Begining inventory, purchases, and sales data for portable CD players are as follows: I have to use the perpetual inventory using fifo
April 1 Inventory 35 units at $50
April 5 Sale 26 units
April 11 Purchase 15 units $53
April 21 Sale 12 units
April 28 Sale 4 units
April 30 Purchase 7 units at $54
The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale.
The following units of a particular item were available for sale during the year:
Beginining Inventory 20 units at $ 45
Sale 15 units at $80
First Purchase 31 units at $47
Sale 27 units at $80
Second Purchase 40 units at 50
Sale 35 units at 80
the firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) fifo, (b) lifo ?
Begining inventory, purchases, and sales data for portable CD players are as follows: I have to use the perpetual inventory using fifo
April 1 Inventory 35 units at $50
April 5 Sale 26 units
April 11 Purchase 15 units $53
April 21 Sale 12 units
April 28 Sale 4 units
April 30 Purchase 7 units at $54
The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale.
The following units of a particular item were available for sale during the year:
Beginining Inventory 20 units at $ 45
Sale 15 units at $80
First Purchase 31 units at $47
Sale 27 units at $80
Second Purchase 40 units at 50
Sale 35 units at 80
the firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) fifo, (b) lifo ?