Question

Question 2        

McGuire Metals Ltd uses the periodic inventory method and had the following inventory information available:

		Units	Unit Cost	Unit Price
1st January	Beginning inventory	38	$3
20th February	Sale	15		$5
25th July	Purchase	20	$4
20th October	Purchase	10	$5.5
20th December	Sale	30		$8

Required

What would the Inventory amount be as reported on the balance sheet at 31 December 2019 if the perpetual LIFO method is used?

Use the following template in your Word document file. (Please round to the nearest whole dollar.)

Metro Computer Company Ltd.
FIFO
	Purchases			Cost of sales			Inventory on hand
Date	Quantity	Unit cost	Total cost	Quantity	Unit cost	Total cost	Quantity	Unit cost	Total cost

Answer 1

McGuire Metals Ltd
LIFO
	Purchases			Cost of Sales			Inventory on hand
Date	Quantity	Unit cost	Total cost	Quantity	Unit cost	Total cost	Quantity	Unit cost	Total cost
1st January							38	3	114
20th February				15	3	45	23	3	69
25th July	20	4	80				23	3	69
							20	4	80
20th October	10	5.5	55				23	3	69
							20	4	80
							10	5.5	55
20th December				10	5.5	55	23	3	69
				20	4	80
Total	30		135	45		180	23		69