Periodic inventory records LIFO and FIFO
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 $------------
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