(TCO 4) Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory

transactions:

Journals – Jan. 2001

Purchases

Supplier        Date Received         Quantity       Unit Cost       Amount

Donna          01/10/01                110             12.00           1320.00

Thomas        01/15/01                160             14.00           2240.00

Cindy           01/18/01                150             15.00           2250.00

Sales

Customer     Date shipped   Quantity    Sel. Price              Amount         

Norilene       01/16/01       200                 25.00                   5000.00

1.    Calculate the ending inventory, using the perpetual inventory method: 

A.    Using FIFO

B.    Using LIFO

C.    Using Average Cost

2.    Prepare the following statement             

Using

                                     FIFO   LIFO      Average Cost

Sales

Cost of Sales          

Gross Profit

(Points : 25)

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