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  • Nov 26, 2007, 05:11 PM
    sweetkendra
    Perpetual inventory system on a LIFO basis
    Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis?

    June 1 Beginning inventory 20 units @$76
    5 Purchase 70 units @$80
    14 Sale 25 units
    21 Purchase 10 units @$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.
  • Nov 26, 2007, 06:48 PM
    student 101
    Quote:

    Originally Posted by sweetkendra
    Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis?

    June 1 Beginning inventory 20 units @$76
    5 Purchase 70 units @$80
    14 Sale 25 units
    21 Purchase 10 units @$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

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