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(Solved) Use the following information to complete an inventory chart for (a) FIFO and (b) LIFO. Assume a perpetual inventory system. (Use the forms that...


Use the following information to complete an inventory chart for (a) FIFO and (b) LIFO. Assume a perpetual inventory system. (Use the forms that follow.)

Dec. 1 Beginning inventory            70 units @ $14

       9 Purchases                           30 units @ $16

     17 Sales                                   25 units

     22 Purchases                           15 units @ $18

     27 Sales                                   40 units

Ending Inventory                           50 units

FIFO

 

 

Purchased

 

Cost of Merchandise Sold

 

Balance

Date

 

Units

Cost

Total

 

Units

Cost

Total

 

Units

Cost

Total

 Dec

1

 

 

 

 

 

 

 

 

 70

14

 980

 

9

 30

16

480 

 

 

 

 

 

 100

16

1460 

 

17

 

 

 

 

 25

14

350 

 

 75

14

1110

 

22

 15

18

 270

 

 

 

 

 

 90

18

1380 

 

27

 

 

 

 

40 

 

 

 

 50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIFO

 

 

Purchased

 

Cost of Merchandise Sold

 

Balance

Date

 

Units

Cost

Total

 

Units

Cost

Total

 

Units

Cost

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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