Periodic inventory records LIFO and FIFO

FratBro23
Category:
Business & Finance
Price: $5 USD

Question description

Lo Company's record of transactions for the month of April was as follows:

         Purchases                                                 Sales

April (balance on hand)     

1st   876 @ 6.00                                           3rd     730 @ 8.00

4th  2190 @ 6.40                                         9th     1898 @ 8.00

8th  1168 @ 6.60                                        11th      876 @ 10.00

13th  1752 @ 6.90                                       23rd    1752 @ 10.00

21st   1022 @ 7.20                                     27th     1314 @ 13.00

29th    730 @ 7.5

total   7738                                                              6570

Assuming that periodic inventory records are kept in both units and dollars, determine the inventory at April 30 using FIFO and LIFO

LIFO = $ ---------------

Average Cost = $---------------

Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using FIFO and LIFO

FIFO inventory $--------------

LIFO inventory $------------ 

 

                  

 


 

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Rice University
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