Question Details

Lumley Company uses the perpetual inventory system 



1
Zimmer Company uses the perpetual inventory system and the LIFO method. The following information is available for the month of May:

May	1	Beginning inventory	20 units @ ₤5
	10	Purchase	20 units @ ₤8
	15	Sales	15 units
	18	Purchase	10 units @ ₤9
	21	Sales	15 units
	30	Purchase	10 units @ ₤10
Instructions
Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month of May.



 2
Lumley Company uses the perpetual inventory system and had the following purchases and sales during March.
	        Purchases		                Sales	
	Units	Unit Cost	Units     Selling Price/Unit 
3/1	Beginning inventory	100	$40
3/3	Purchase	60	$50
3/4	Sales			70	$80
3/10	Purchase	200	$55
3/16	Sales			80	$90
3/19	Purchase	40	$60
3/25	Sales			120	$90
Instructions
Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using (a) FIFO and (b) LIFO.




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