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Perpetual Inventory Using LIFO and FIFO Methods

The document provides inventory information for Item SJ68 in August, including a beginning inventory of 28 units at $34, purchases on the 15th of 22 units at $38, and sales on the 8th and 30th. It asks to determine the cost of merchandise sold on the 30th and the ending inventory on the 31st assuming a perpetual inventory system using FIFO and LIFO methods.

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756 views1 page

Perpetual Inventory Using LIFO and FIFO Methods

The document provides inventory information for Item SJ68 in August, including a beginning inventory of 28 units at $34, purchases on the 15th of 22 units at $38, and sales on the 8th and 30th. It asks to determine the cost of merchandise sold on the 30th and the ending inventory on the 31st assuming a perpetual inventory system using FIFO and LIFO methods.

Uploaded by

getasew
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Perpetual Inventory Using FIFO Method

Beginning inventory, purchases, and sales for Item SJ68 are as follows:
August

Inventory

28 units at $34

Sale

15 units

15

Purchase

22 units at $38

30

Sale

20 units

Assuming a perpetual inventory system and using the first-in, first-out


(FIFO) method, determine (a) the cost of merchandise sold on August
30 and (b) the inventory on August 31.

Perpetual Inventory Using LIFO Method


Beginning inventory, purchases, and sales for Item SJ68 are as follows:
August

Inventory

28 units at $34

Sale

15 units

15

Purchase

22 units at $38

30

Sale

20 units

Assuming a perpetual inventory system and using the last-in, first-out


(LIFO) method, determine (a) the cost of merchandise sold on August
30 and (b) the inventory on August 31.

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