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a) How would issues and closing inventory be valued using LIFO b) Give journal entry assuming that if the business follows perpetual inventory method

a) How would issues and closing inventory be valued using LIFO b) Give journal entry assuming that if the business follows perpetual inventory method

FINANCIAL ACCOUNTING
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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Practice TRANSACTIONS DURING January 2019 Cost (OMR) | Amount (OMR) Date Particulars Units January 1 Beginning Inventory 300 10 3000 January 2 January 11 Purchase January 18 Purchase Purchase 200 15 3000 100 17 1700 300 20 6000 Total Purchase 900 13,700 Date Particulars Units Cost (OMR) Amount (OMR) January 8 Sales 300 30 9000 January 15 Sales 250 40 10000 Total Sales 550 19000 Required a) How would issues and closing inventory be valued using LIFO b) Give journal entry assuming that if the business follows perpetual inventory method
Transcribed Image Text:Practice TRANSACTIONS DURING January 2019 Cost (OMR) | Amount (OMR) Date Particulars Units January 1 Beginning Inventory 300 10 3000 January 2 January 11 Purchase January 18 Purchase Purchase 200 15 3000 100 17 1700 300 20 6000 Total Purchase 900 13,700 Date Particulars Units Cost (OMR) Amount (OMR) January 8 Sales 300 30 9000 January 15 Sales 250 40 10000 Total Sales 550 19000 Required a) How would issues and closing inventory be valued using LIFO b) Give journal entry assuming that if the business follows perpetual inventory method
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