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janneth
Dec 16, 2007, 02:33 PM
The following set of questions is based on the data presented below. Assume that the company uses the PERPETUAL inventory system.

Feb.1 On hand, 200 units at $5.00 each $1,000
8 Purchased 400 units at $5.15 each 2,060
15 Sold 5 00 units
22 Purchased 400 units at $5.20 each 2,080
28 On hand, 500 units

If the LIFO method is used, what is the amount assigned to the ending inventory on February 28?
:confused:
mshangle
Dec 16, 2007, 03:06 PM
what you have left is
100@<hidden>$5=$500 and
400@<hidden>$5.20=$2,080