Question

CALCULATOR PRINTER VERSİON -BACK ROD NEXT MENT RESOURCES r 8 Homework Exercise 8-14 The following is a record of Tamarisk Company's transactions for Boston Teapots for the month of May 2017 May 1 Balance 404 units $21 May 10 Sale 303 units $39 cise 8-9 12 Purchase 606 units $2520 Sale 545 units $39 28 Purchase 404 units $32 Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 566 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? w Score w Results by Study LIFO FIFO Ending Inventory s 6K LINK TO TEXT Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO. LIFO FIFO Ending Inventory s LINK TO TEXT

Answer 1

Calculate ending inventory

a) Periodic method

	FIFO	LIFO
Ending inventory	(404*32+162*25) = 16978	(404*21+162*25) = 12534

Calculate ending inventory

b) Perpetual method

	FIFO	LIFO
Ending inventory	(404*32+162*25) = 16978	(101*21+61*25+404*32) = 16574