Kieso, Intermediate Accounting, 16e Gradebook ORION Downloadable eTextbook ent E

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Kieso, Intermediate Accounting, 16e Gradebook ORION Downloadable eTextbook ent Exercise 8-14 The following is a record of Marin Company's transactions for Boston Teapots for t e month of May 2017 May 1 Balance 436 units$221 May10 Sale 327 units$36 12 Purchase 654 units $2420 Sale 589 units o $36 28 Purchase 436 units $29 Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 610 units on hand, what is the cost of the ending inventory using (3) FDFO and (2) LIFO FIFO LIFO Ending Inventory are maintained and they tie into the oeneral ledgen, calulate the ending inventory uing () rFO and (2) uFo. FIFO LIFO Ending Inventoryll Click if you would like to Show Work for this question: Oen Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.

Explanation / Answer

When perpetual inventory is not maintained.

When perpetual inventory maintained

FIFO Date Explanation Units Unit Cost Cost Ending Inventory Goods purchased on May 28 436 29.00 12644 Goods purchased on May 12 174 24 4176 610 16820 LIFO Date Explanation Units Unit Cost Cost Ending Inventory Opening Inventory 436 22.00 9592 Goods purchased on May 12 174 24 4176 610 13768

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