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    chfrank77's Avatar
    chfrank77 Posts: 2, Reputation: 1
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    #1

    Jun 11, 2007, 03:27 PM
    Perpetual Inventory Method
    I am confused! I am able to calculate the Perpetual Inventory system using the LIFO, FIFO, and Average Cost. However I do not know how to compute sale returns and purchase returns.

    Example:

    Dec. 31 Ending inventory 160 units @ $18
    Jan. 2 Purchase 100 units @$20
    Jan. 6 Sale 180 units @$40
    Jan. 9 Sale Returns 10 units @ $40
    Jan. 9 Purchase 75 units @$24
    Jan.10 Purchase Return 15 units @$24
    myaccount42's Avatar
    myaccount42 Posts: 1, Reputation: 1
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    #2

    Jun 19, 2007, 07:17 AM
    Please show me a perpetual inventory. I am taking my test next week and would appreciate any help
    chfrank77's Avatar
    chfrank77 Posts: 2, Reputation: 1
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    #3

    Jun 19, 2007, 12:31 PM
    Here is a website that can explain the details of the Perpetual Inventory Method. It was very helpful for me. Just type in the address. Hope this helps


    Online Accounting Course | Inventory and Cost of Goods Sold (2)
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