Using the lifo method determine the dollar value for month


Question - Bob Company uses the Perpetual inventory system and had the following inventory and sales activity for the month of May 2016.

5/1 Beg. Inventory 175 units @ $10

5/5 Purchase 200 units @ $12

5/10 Sales 245units @ $25

5/15 Purchase 300 units @ $15

5/20 sale 300 units @ $30

5/25 purchase 150 units @ $16

Using the LIFO method, determine the dollar value for month of may:

  • Ending Inventory
  • Good available for sale
  • sales
  • Cost of goods sold
  • gross profit

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Accounting Basics: Using the lifo method determine the dollar value for month
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