Question Details

A record of transactions for the month of May 




*Ex. 1—Perpetual LIFO.
A record of transactions for the month of May was as follows:
		Purchases			Sales	
	May    1	(balance)       400  @  $4.20	May  3	300  @ $7.00
	4	1,300  @  $4.10	6	1,000  @   7.00
	8	800  @  $4.30	12	900  @   7.50
	14	700  @  $4.40	18	400  @   7.50
	22	1,200  @  $4.50	25	1,400  @   8.00
	29	500  @  $4.55

Assuming that perpetual inventory records are kept in dollars, determine the inventory using LIFO.
Ex. 2—Dollar-value LIFO method.
Part A.	Judd Company has a beginning inventory in year one of $300,000 and an ending inventory of $363,000. The price level has increased from 100 at the beginning of the year to 110 at the end of year one. Calculate the ending inventory under the dollar-value LIFO method.

Part B.	At the end of year two, Judd's inventory is $437,000 in terms of a price level of 115 which exists at the end of year two. Calculate the inventory at the end of year two continuing the use of the dollar-value LIFO method.




Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help