FIFO and LIFO inventory methods. A record of transactions for the month of May was as follows: Purchases Sales 200 @ $7.00 1,000 @ 7.00 900 @ 7.50 400 @ 7.50 1,400 May 1 (balance) 4 400 @ $5.20 1,300 @ $5.10 800 @ $5.30 700 @ $5.40 1,200 @ $5.50 500 @ $5.55 May 3 12 14 22 29 18 25 8.00 Perpetual inventories are maintained. Instructions What is the cost of the ending inventory and the cost of goods sold for this item under the following methods? (Show calculations.) (a) FIFO. (b) LIFO. (c) What value should be assigned to the ending inventory using FIFO if the Company uses a periodic inventory system?

FIFO and LIFO inventory methods. A record of transactions for the month of May was as follows: Purchases Sales 200 @ $7.00 1,000 @ 7.00 900 @ 7.50 400 @ 7.50 1,400 May 1 (balance) 4 400 @ $5.20 1,300 @ $5.10 800 @ $5.30 700 @ $5.40 1,200 @ $5.50 500 @ $5.55 May 3 12 14 22 29 18 25 8.00 Perpetual inventories are maintained. Instructions What is the cost of the ending inventory and the cost of goods sold for this item under the following methods? (Show calculations.) (a) FIFO. (b) LIFO. (c) What value should be assigned to the ending inventory using FIFO if the Company uses a periodic inventory system?

Name: FIFO and LIFO inventory methods.A record of transactions for the mont
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Description: FIFO and LIFO inventory methods.A record of transactions for the month of May was as follows:PurchasesSales200 @ $7.001,000 @ 7.00900 @ 7.50400 @ 7.501,400 @ 8.00May 1 (balance)4400 @ $5.201,300 @ $5.10800 @ $5.30700 @ $5.401,200 @ $5.50500 @ $5.55M

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...

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Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.
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