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sweetkendra
Nov 26, 2007, 04:11 PM
Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis?

June 1 Beginning inventory 20 units @<hidden>$76
5 Purchase 70 units @<hidden>$80
14 Sale 25 units
21 Purchase 10 units @<hidden>$88
30 Sale 40 units



answers:

a) More information is needed.
b) $5,120
c) $2,720
d) $2,880

Any help is greatly appreciated.
student 101
Nov 26, 2007, 05:48 PM
Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis?

June 1 Beginning inventory 20 units @<hidden>$76
5 Purchase 70 units @<hidden>$80
14 Sale 25 units
21 Purchase 10 units @<hidden>$88
30 Sale 40 units



answers:

a) More information is needed.
b) $5,120
c) $2,720
d) $2,880

Any help is greatly appreciated.
OKSALE 25 FOR 80 DOLLARS LIVING 45 X 80 PLUS 20 X 76 THEN SELL 10 UNITS FOR 88 AND 30 FOR 80 DOLLARS LIVNG A TOTAL OF 15 UNITS FOR 80 AND 20 UNITS FOR 76 EQUALS 2,720