Question

ABC Company had the following purchases and sales in June. What is the ending June inventory balance using the periodic FIFO and perpetual LIFO methods? Date Action Units Cost June 1 Beg. Inventory 100 $2 June 6 Sale 50 June 9 Purchase 200 $4 June 15 Sale 175 June 20 Purchase 100 $5 June 25 Sale 125

Answer 1

FIFO METHDO - PERIODICAL METHOD
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	CLOSING STOCK
Date	Particulars	Units	Cost Per unit	Total	Units	Cost Per unit	Cost of Goods Sold	Units	Cost Per unit	Ending inventory
June.01	Beginning inventory	100	$                2.00	$                     200	100	$           2.00	$                 200
June.09	Purchases	200	$                4.00	$                     800	200	$           4.00	$                 800
June.20	Purchases	100	$                5.00	$                     500	50	$           5.00	$                 250	50	$           5.00	$                 250
	Total Goods Available For sale	400		$                  1,500	350		$             1,250	50		$                 250
LIFO METHDO - PERPETUAL METHOD
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	CLOSING STOCK
Date	Particulars	Units	Cost Per unit	Total	Units	Cost Per unit	Cost of Goods Sold	Units	Cost Per unit	Ending inventory
June.01	Beginning inventory							100	$           2.00	$                 200
June.06	Sales				50	$           2.00	$                 100	50	$           2.00	$                 100
June.09	Purchases	200	$                4.00	$                     800				50	$           2.00	$                 100
								200	$           4.00	$                 800
June.15	Sales				175	$           4.00	$                 700	50	$           2.00	$                 100
								25	$           4.00	$                 100
June.20	Purchases	100	$                5.00	$                     500				50	$           2.00	$                 100
								25	$           4.00	$                 100
								100	$           5.00	$                 500
June .25	Sales				100	$           5.00	$                 500
					25	$           4.00	$                 100	50	$           2.00	$                 100
	Total Goods Available For sale	300		$                  1,300	350		$             1,400	50		$                 100
	Answer =	FIFO - Periodical	LIFO - Perpetual					0 0 Add a comment Know the answer? Your Answer: Post as a guest Your Name: What's your source? Earn Coins Coins can be redeemed for fabulous gifts. Log In Sign Up Post as anonymous Post Your Answer Not the answer you're looking for? Ask your own homework help question Similar Questions ABC Company had the following purchases and sales in June. What is the ending June inventory... ABC Company had the following purchases and sales in June. What is the ending June inventory balance using the periodic FIFO and perpetual LIFO methods? Date                   Action                      Units          Cost June 1             Beg. 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