The Company had the following Inventory transactions during the month of May 2017. Calculate the ending Inventory balance under the FIFO Method and Under the LIFO method. FIFO LIFO 1-May-17 Opening Inventory Balance 10,000 units ($4 each) 5-Мay-17 Purchased 4,000 units ($5 each) 7-May-17 Sold (3,000 units) 16-Мay-17 Purchased 6,000 units ($6 each) 21-May-17 Sold (9,000 units) 29-Мay-17 Sold (4,000 units) 31-МMay-17 Ending Balance
The Company had the following Inventory transactions during the month of May 2017. Calculate the ending Inventory balance under the FIFO Method and Under the LIFO method. FIFO LIFO 1-May-17 Opening Inventory Balance 10,000 units ($4 each) 5-Мay-17 Purchased 4,000 units ($5 each) 7-May-17 Sold (3,000 units) 16-Мay-17 Purchased 6,000 units ($6 each) 21-May-17 Sold (9,000 units) 29-Мay-17 Sold (4,000 units) 31-МMay-17 Ending Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The Company had the following Inventory transactions during the month of May 2017.
Calculate the ending Inventory balance under the FIFO Method and Under the LIFO method.
FIFO
LIFO
1-May-17
Opening Inventory Balance
10,000 units ($4 each)
5-Мay-17
Purchased
4,000 units ($5 each)
7-May-17
Sold
(3,000 units)
16-May-17
Purchased
6,000 units ($6 each)
21-May-17
Sold
(9,000 units)
29-Мay-17
Sold
(4,000 units)
31-Мay-17
Ending Balance"
Transcribed Image Text:2)
The Company had the following Inventory transactions during the month of May 2017.
Calculate the ending Inventory balance under the FIFO Method and Under the LIFO method.
FIFO
LIFO
1-May-17
Opening Inventory Balance
10,000 units ($4 each)
5-Мay-17
Purchased
4,000 units ($5 each)
7-May-17
Sold
(3,000 units)
16-May-17
Purchased
6,000 units ($6 each)
21-May-17
Sold
(9,000 units)
29-Мay-17
Sold
(4,000 units)
31-Мay-17
Ending Balance
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