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Category > Accounting Posted 20 Aug 2017 My Price 7.00

cell phones for May

EX 6-5  Perpetual inventory using LIFO

Beginning inventory, purchases, and sales data for prepaid cell phones  for  May  are  as follows:

 

Inventory

 

Purchases

 

Sales

 

May 1

1,550 units at $44

May 10

20

720 units at $45 1,200 units at $48

May 12

14

1,200 units

830 units

 

 

 

 

31

1,000 units

a.     Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 5.

b.     Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 06:08 PM My Price 7.00

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