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Latrio Company's record of transactions for the month of June was as follows.
Purchases
June 1 (balance on hand) 2000 @ $10.00
June 2 1500 @10.05
June 7 600 @ 10.50
June 15 900 @ 11.00
June 20 1200 @11.00
June 27 300 @11.10

Sales
June 5 5..0@$21.00
June 8 1600 @ 22.00
June 9 700 @ 22.00
June 18 1800 @ 21.00
June 30 700 @ 23.00
Instructions
(a) Assuming that periodic inventory records are kept, compute the inventory at June 30 using (1) LIFO and (2) average cost.
(b) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at June 30 using (1) FIFO and (2) LIFO.
(c) Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.
(d) In an inflationary period, which inventory method-FIFO, LIFO, average cost-will show the high- est net income?

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941935

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