Question

The following is a record of Bridgeport Company's transactions for Boston Teapots for the month of May 2017. May 1 Balance 444 units @ $18 May 10 Sale 333 units @ $35 12 Purchase 666 units @ $26 20 Sale 599 units @ $35 28 Purchase 444 units @ $32 (a) ZYour answer has been saved and sent for grading. See Gradebook for score details. Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 622 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? Ending Inventory s 18836 12620 Click if you would like to show Work for this question: Open Show Work Attempts: 1 of 1 used (b) Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO. (1) FIFO (2) LIFO Ending Inventory s

Answer 1

b) Calculate ending inventory under perpetual method

	FIFO	LIFO
Ending inventory	18836	(111*18+67*26+444*32) = 17948