Compute the ending inventory using LIFO for both the periodic and the perpetual methods below: units price 1-Jan Beginning inventory 3,500 $3.00
| Compute the ending inventory using LIFO for both the periodic and the perpetual methods below: | |||||||||||
| units | price | ||||||||||
| 1-Jan | Beginning inventory | 3,500 | $ 3.00 | ||||||||
| 14-Jan | Bought | 1,500 | $ 3.15 | ||||||||
| 5-Feb | Sold | 1,000 | |||||||||
| 22-Feb | Bought | 2,000 | $ 3.20 | ||||||||
| 7-Mar | Sold | 1,500 | |||||||||
| 15-Mar | Sold | 2,000 | |||||||||
| 5-Apr | Bought | 1,000 | $ 3.25 | ||||||||
| 10-Apr | Sold | 800 | |||||||||
| 12-Apr | Sold | 800 | |||||||||
| 22-Apr | Sold | 500 | |||||||||
| 4-May | Sold | 600 | |||||||||
| 10-May | Bought | 2,000 | $ 3.30 | ||||||||
| 25-May | Sold | 500 | |||||||||
| LIFO Periodic Inventory (scroll down to see Perpetual input area) | |||||||||||
| Purchased | Sold | Balance | |||||||||
| Date | units | cost | total | units | cost | total | units | cost | total | ||
| 1-Jan | 3500 | $ 3.00 | $ 10,500.00 | ||||||||
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