Inventory

Inventory

Compute the ending inventory using LIFO for both the periodic and the perpetual methods below: 40%

units
price
 

1-Jan
Beginning inventory
3,500
$3.00
 
14-Jan
Bought
1,500
$3.15
 
 
5-Feb
Sold
1,000
 
22-Feb
Bought
2,000
$3.20
 
 
7-Mar
Sold
1,500
 
15-Mar
Sold
2,000
 
5-Apr
Bought
1,000
$3.25

 
10-Apr
Sold
800
 
12-Apr
Sold
800
  
22-Apr
Sold
500
 
4-May
Sold
600
 
 10-May
Bought
2,000
$3.30
 
25-May
Sold
300
 
  
LIFO Periodic Inventory (scroll down to see Perpetual input area)
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