Calculate the ending inventory, using the perpetual inventory method

Calculate the ending inventory, using the perpetual inventory method

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


Price: £ 45

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