Problem: Miller Inc. is a wholesaler of office supplies. The activity for Model III calculators during August is shown below:
Balance/
Date Transaction Units Cost
August 1 Inventory 2,000 $36.00
7 Purchase 3,000 37.20
12 Sales 3,600
21 Purchase 4,800 38.00
22 Sales 3,800
29 Purchase 1,600 38.60
If Miller Inc. uses a perpetual inventory system, calculate the ending inventory of Model III calculators at August 31 assuming A) the LIFO method and B) the FIFO method.
Stephens Inc. is a wholesaler of photography equipment. The activity for the VTC cameras during July is shown below:
Balance/
Date Transaction Units Cost
July 1 Inventory 2,000 $36.00
7 Purchase 3,000 37.00
12 Sales 3,600
21 Purchase 5,000 37.88
22 Sales 3,800
29 Purchase 1,600 38.11