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Periodic Inventory, FIFO and LIFO
Details regarding the inventory of appliances at Aug. 1, 2007, purchases invoices during the year, and the inventory count at July 31, 2008 are summarized as follows:
Purchases Invoices Model Inventory Aug. 1 1st 2nd 3rd Inventory count July 31 TZ 2 @ $125 2 @ 130 4 @ 135 2@ 140 5 PM 7 @ 242 6 @ 250 5 @260 10@ 259 9 C2 -- 4 @75 4 @ 100 4@ 101 5 Determine the cost of inventory on July 31, 2008 by the FIFO and LIFO method using the following headings: Model Quantity Unit Cost Total Cost HELP!! I haven't the sloghtest idea on how to do this! |
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