Compute the ending inventory using LIFO for both the periodic and the perpetual methods below: 40%
units | price |
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1-Jan | Beginning inventory | 3,500 | $3.00 |
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14-Jan | Bought | 1,500 | $3.15 |
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5-Feb | Sold | 1,000 |
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22-Feb | Bought | 2,000 | $3.20 |
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7-Mar | Sold | 1,500 |
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15-Mar | Sold | 2,000 |
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5-Apr | Bought | 1,000 | $3.25 |
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10-Apr | Sold | 800 |
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12-Apr | Sold | 800 |
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22-Apr | Sold | 500 |
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4-May | Sold | 600 |
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10-May | Bought | 2,000 | $3.30 |
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25-May | Sold | 300 |
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LIFO Periodic Inventory (scroll down to see Perpetual input area) |
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9 years ago
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