Not too sure how to do LIFO perpetual, if anyone can help ...
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Accounting
Not too sure how to do LIFO perpetual, if anyone can help
Exercise: The following is a record of transactions for J Company's inventory: Date Transaction Quantity (in units) Purchase Cost Quantity Sold 100 400 5.00 1-Apr Beginning Balance 4-Apr Purchase 5-Apr Sale 11-Apr Purchase 12-Apr Sale 18-Apr Purchase 26-Apr Purchase 27-Apr Sale 28-Apr Sale 30-Apr Purchase 5.10 5.30 5.35 300 300 200 200 600 5.60 800 150 200 5.80 Required 1. Measure the ending inventory and cost of goods sold on April 30 using the following methods (a)FIFO periodic and perpetual (b)LIFO periodic and perpetual
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