1) Professor Taylor's BBQ had the ff activity in its inventory account during Dec. 2015.
DATE ACTIVITY UNITS COST PER UNIT COST TOTAL
DEC1 Beginning inventory 200 $5.00
DEC 3 Purchase 60 5.50
Dec.12 Purchase 40 6.00
Dec.16 Sale 70
Dec.23 Sale 110
Dec.30 Purchase 50 7.00
a) What is the ending inventory balance at DEC.31,2015, for Prof. Taylor's BBQ, if the company uses perpetual FIFO as its inventory valuation method?
b) What is the ending Inventory balance at Dec. 31, 2015, for Prof. Taylor's BBQ, if the company uses perpetual LIFO as it's inventory valuation method?
2. Prof Taylor's BBQ had the ff. activity in its inventory account during DEC. 2015
DATE Activity Units Cost per Unit Cost TOTAL
DEC.1 Beginning inventory 175 $3.00
DEC.3 Purchase 100 2.50
DEC.12 Purchase 55 3.00
DEC.16 Sale 125
DEC.12 Purchase 75 3.50
DEC.12 Purchase 100 4.00
DEC.23 Sale 150
DEC.12 Sale 95
DEC.30 Purchase 25 3.75
a) What is the ending inventory balance at DEc.31,2015, for Prof. Taylor's BBQ if the company uses perpetual FIFO as its inventory valuation method?
b) Using the perpetual LIFO as its inventory valuation method?