Subject: acounting The following is a record of Metlock Company's transactions for Boston Teapots for the month of May 2025.May 112(a)28BalancePurchasePurchase440 units @ $19.00 May 10 Sale@ $25.0020 Sale440 units @ $28.00660 unitsYour answer is correct.Ending inventory $Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 616 units onhand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?eTextbook and Media(1)FIFO16720$330 units594 units(2)LIFO@ $41.00@$41.0012760 Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFOand (2) LIFOEnding inventory $(1)FIFO16720$(2)LIFO

Ending inventory is the amount of inventory in hand at the end of the period. It is reported in the…

The following is a record of Metlock Company's transactions for Boston Teapots for the month of May 2025. May 1 12 28 Balance Purchase Purchase 440 units@ $19.00 May 10 660 units@ $25.00 440 units @ $28.00 20 Sale Sale 330 units@ $41.00 594 units@ $41.00

The following is a record of Metlock Company's transactions for Boston Teapots for the month of May 2025. May 1 12 28 Balance Purchase Purchase 440 units@ $19.00 May 10 660 units@ $25.00 440 units @ $28.00 20 Sale Sale 330 units@ $41.00 594 units@ $41.00

SWFT Individual Income Taxes

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Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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Question

Subject: acounting

The following is a record of Metlock Company's transactions for Boston Teapots for the month of May 2025.
May 1
12
(a)
28
Balance
Purchase
Purchase
440 units @ $19.00 May 10 Sale
@ $25.00
20 Sale
440 units @ $28.00
660 units
Your answer is correct.
Ending inventory $
Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 616 units on
hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?
eTextbook and Media
(1)
FIFO
16720
$
330 units
594 units
(2)
LIFO
@ $41.00
@$41.00
12760

Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO
and (2) LIFO
Ending inventory $
(1)
FIFO
16720
$
(2)
LIFO

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