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    janneth's Avatar
    janneth Posts: 1, Reputation: 1
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    #1

    Dec 16, 2007, 03:33 PM
    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:
    mshangle's Avatar
    mshangle Posts: 4, Reputation: 1
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    #2

    Dec 16, 2007, 04:06 PM
    what you have left is
    100@$5=$500 and
    400@$5.20=$2,080
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