based upon the preceding data would you expect the inventory to be higher or lower u 549610
EX 7-5 Perpetual inventory using LIFO
Beginning inventory, purchases, and sales data for prepaid cell phones for July are as follows:
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based upon the preceding data would you expect the inventory to be higher or lower u 549610
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|
Inventory |
Purchases |
Sales |
|||
|
July 1 |
800 units at $45 |
July 10 |
500 units at $50 |
July 12 |
700 units |
|
20 |
450 units at $52 |
14 |
300 units |
||
|
31 |
250 units |
a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.
b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method?
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