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-   -   Perpetual lifo method (https://www.askmehelpdesk.com/showthread.php?t=163306)

  • Dec 16, 2007, 03:33 PM
    janneth
    Perpetual lifo method
    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:
  • Dec 16, 2007, 04:06 PM
    mshangle
    what you have left is
    100@$5=$500 and
    400@$5.20=$2,080

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