Avoid solution image based thnxAnd answer both questions by1 FIFO2 LIFO Perpetual inventory using LIFOThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory4,000 units at $50Apr. 19Sale2,500 unitsJune 30Purchase4,500 units at $54Sept. 2Sale5,000 unitsNov. 15Purchase2,000 units at $56The employee the rest old each sale and the vetory tutance after eache,Under trouver more to enter the units with the LOWER co fest the lewentoryDateAw 19.30AneSap)Sept. 2N15New 11Dw 31BPorchasesQuantityPurchasesthat CostPurchasTotal CostCost of Goods SoldQuantityLITO MethodCost of Goods SoldUnit Cost0 00ming the last in, find out the present the data in the form duratedCateCost of Goods SaldTotal CostInventoryQuantity000 00InventoryUnit CostInventoryTotal Cost00⁰ 00000 Perpetual inventory using FIFOThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory4,000 units at $50Apr. 192,500 unitsJune 304,500 units at $54Sept. 25,000 unitsNov. 15Purchase2,000 units at $56The fom mana perpetual entry Otermine the set of goods sold for each sale and the inventory balance after each sale, assuming the first first ut method. Pesent the data in the form stratedThe Dentry at two different cats, enter the with the LOWER rast fint in the cost of Goods Sold Ont Cost colume and in the lentory Une Cest sammDateJan 1Ap 15Jun 30how 3Sept 2M 13Now 33Dec 31SalePurchaseSalePurchases Purchases PurchasesUnit Cost Total CostCent of Goods SoldQuantityFITO MethodCost of Goods SoldUnit CostCost of Goods Sold Inventory InventoryTotal ContQuantityUnit CostTotal Cost0000000

First in First out method:-FIFO means First-in-first-outIt is one of the inventory valuation…

Answered: 1 FIFO 2 LIFO

Business

Accounting

1 FIFO 2 LIFO

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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