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help with accounting homework for free
You are the store manager at a local Best Buy. As manager, you are verifying the stores December inventory sales and purchases. You are currently focusing on a line of HP laptops which was part of the store's major holiday discount promotion.
December data for HP laptops by week were as follows: · December 1 Beginning balance: 50 units at $600 each · December 8 Sold 30 units · December 11 Purchased 50 units at $800 each · December 15 Sold 40 units · December 22 Sold 20 units · December 23 Purchased 80 units at $850 · December 30 Sold 40 units 1. Determine the cost of ending inventory assuming a perpetual inventory system and the LIFO method is used. 2. The year-end inventory count disclosed that 45 units of HP laptops remained on the store floor. Is ending inventory value calculated in #1 accurate based upon the inventory count? If not, how would the balance sheet and income statement be affected if inventory was not corrected? |
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