(Solved) : Purchases Sales June 1 800 3 20 June 2 600 5 50 June 3 2 200 3 10 June 6 1 600 5 . . .
Sales 600 @ $5.50 1,600 @ $5.50 1,000 @ $5.50 400 @ $6.00 1,400 @ $6.00 200 @ $6.00 A) Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is? B) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is? C) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is? D) Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar is?
Expert Answer
Answer to Purchases Sales June 1 800 3 20 June 2 600 5 50 June 3 2 200 3 10 June 6 1 600 5 . . .
OR