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Inventory - LIFO/FIFO

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Inventory - LIFO/FIFO;June Transactions;Purchases Sales;June 1 800@ $3.20 June 2 600 @$5.50;June 3 2,200 @ $3.10 June 6 1,600@$5.50;June 7 1,200 @ $3.30 June 9 1,000@$5.50;June 15 1,800 @ $3.40 June 10 400 @ $6.00;June 22 500 @ $3.50 June 18 1,400 @$6.00;June 25 200 @ $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?;my question is: what's the different for "kept in units only? and kept in dollars" in LIFO,and FIFO perpetual system?

 

Paper#27028 | Written in 18-Jul-2015

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