njabate13
Apr 1, 2009, 08:08 PM
Stuck on this problem for 2 hours, just don't understand the concept and could really use some help...
July 1 Beginning Inventory 10 units at $90
July 5 Purchases 60 units at $84
July 14 Sale 40 units
July 21 Purchases 30 units at $87
July 30 Sale 28 units
Question is, using this information, assume that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis, also what is the ending inventory based on LIFO. Please explain in fully as I have mulitple problems like this and really need to understand it. Thanks
July 1 Beginning Inventory 10 units at $90
July 5 Purchases 60 units at $84
July 14 Sale 40 units
July 21 Purchases 30 units at $87
July 30 Sale 28 units
Question is, using this information, assume that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis, also what is the ending inventory based on LIFO. Please explain in fully as I have mulitple problems like this and really need to understand it. Thanks