DWHI8adable eTextbook Assignment RCES Exercise 8-14 The following is a record of

Question

DWHI8adable eTextbook Assignment RCES Exercise 8-14 The following is a record of Pervis Ellison Company's transactions for Boston T May 1 Balance 400 units @ $20 May 10 Sale 300 units $38 12 Purchase 600 units $2520 Sale 540 units $38 28 Purchase 400 units$30 Assuming that perpetual inventories are not maintained and that a physical cour inventory using (1) FIFO and (2) LIFO? Study FIFO LIFO Ending Inventory s LINK TO TEXT Assuming that perpetual records are maintained and they tie into the general ledger FIFO LIFO Ending Inventory Click if you would like to Show Work for this question: Open Show Work ent Privacy Policy 1 2000-2017 John Wiley &Sons;,.Inc. All Rights Reserved. A Division of John Wiley & Sor

Explanation / Answer

Assuming that perpetual inventories record are not maintained:-

A. FIFO:-

B. LIFO:-

400

Assuming that perpetual Record are maintained:-

A. FIFO:-

100 units ×$20

600 units × $25 = $17000

100 units × $20 = $2000

440 units ×$25 = $11000

160 units × $25

400 units × $30 = $16000

B. LIFO:-

100 units × $20

600 units × $25 = 17000

100 units ×$25 = 2500

400 units ×$25 = 11000

100 units ×$20

60 units ×$25 =

$3500

100 units ×$20

60 units ×$25

400 units×$30 = $15500

Units Unit Cost Total Cost May 28 400 $30.00 $12000 May 12 160 $25.00 $ 4000 Ending Inventory 560 $16000

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