A company has made the following purchases of merchandise during the Month of July:

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A company has made the following purchases of merchandise during the Month of July:

 

  • July 1 purchased 380 units at $15 dollars each
  • July 5 purchased 270 units at $20 dollars each
  • July 9 sold 500 units at $55 dollars each
  • July 14 purchased 300 units at $24 dollars each
  • July 20 sold 250 units at $55 dollars each
  • July 30 purchased 250 units at $30 each

 

Using the purchase information found above, answer the two questions below. As you complete each question, be sure to show the numbers/information you used to reach your final answer.

 

 

1.  There was no beginning inventory. If the company uses the first-in, first-out method and the perpetual system, what would be the cost of the ending inventory?

 

2.  There was no beginning inventory. If the company uses the last-in, first-out method and the perpetual system, what would be the cost of the ending inventory?

    • 9 years ago
    Cost of Ending Inventory (FIFO & LIFO Methods) -- A++ Correct w/ Solutions ! USE it as a GUIDE
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