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    sweetkendra's Avatar
    sweetkendra Posts: 37, Reputation: 2
    Junior Member
    		  
    #1

    Nov 26, 2007, 05:11 PM
    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.
    student 101's Avatar
    student 101 Posts: 53, Reputation: 1
    Junior Member
    		  
    #2

    Nov 26, 2007, 06:48 PM
    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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