Compute the ending inventory using LIFO for both the periodic and the perpetual methods below: 40%
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 | 300 | |||||
LIFO Periodic Inventory (scroll down to see Perpetual input area) | |||||||
