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wilseliz
Aug 28, 2007, 10:36 AM
I am having a hard time with these 2 questions below:

1. (875) Nichols Toys Wholesalers provided the following information concerning its inventory and purchases of Suzy-Q dolls for June:
June 1 inventory 50 @<hidden> $3.50 each
June 10 purchase 50 @<hidden> $3.60 each
June 18 sale 55
June 25 purchase 20 @<hidden> $3.70 each
June 29 sale 30

Required:
Compute the following for Nichols Toys Wholesalers assuming each situation is independent.
1. June 30 ending inventory under the periodic inventory system LIFO method
2. June 30 ending inventory under the perpetual inventory system LIFO method
3. June 30 cost of sales under the periodic inventory system LIFO method
4. June 30 cost of sales under the perpetual inventory system LIFO method


2. (876) Uno Hardware Wholesalers reported the following information concerning its ending inventory.
Ending Inventory at Current Price Price Index for the Period
2006 $100,000
2007 114,400 104%
2008 111,300 106%


Required:
Using the dollar-value LIFO method, compute the ending inventory for Uno Hardware Wholesalers for 2008.