(L.OBJ. 3) Perpetual Inventory record—LIFO [10 min]
Review the facts on Innovation Cycles in Short Exercise 6-3.
Requirement
1. Prepare a perpetual inventory record for the LIFO method.
Exercise 6-3.
(L.OBJ. 3) Perpetual inventory record—FIFO [10 min].
Innovation Cycles uses the FIFO inventory method. Innovation starred March with 10 bicycles that cost $60 each. On March 16, Innovation bought 20 bicycles at $70 each. On March 31, Innovation old 25 bicycles.
Requirement
1. Prepare Innovation’s perpetual inventory record.
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