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The following is a record of Ensberg Company's transactions for Colt Products for the month of May 2017. May 1 Balance 12 28 600 units@ $10.00 May 10 Sale Purchase 900 units@ $12.00 20 Purchase 600 units@ $15.00 450 units @ $19 Sale 810 units @ $19 (a) Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 840 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? (b) Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.

The following is a record of Ensberg Company's transactions for Colt Products for the month of May 2017. May 1 Balance 12 28 600 units@ $10.00 May 10 Sale Purchase 900 units@ $12.00 20 Purchase 600 units@ $15.00 450 units @ $19 Sale 810 units @ $19 (a) Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 840 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? (b) Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.

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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The following is a record of Ensberg Company's transactions for Colt Products for the month of May 2017. May 1 Balance 12 28 600 units@ $10.00 May 10 Sale Purchase 900 units@ $12.00 20 Purchase 600 units@ $15.00 450 units @ $19 Sale 810 units @ $19 (a) Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 840 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? (b) Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.
Transcribed Image Text:The following is a record of Ensberg Company's transactions for Colt Products for the month of May 2017. May 1 Balance 12 28 600 units@ $10.00 May 10 Sale Purchase 900 units@ $12.00 20 Purchase 600 units@ $15.00 450 units @ $19 Sale 810 units @ $19 (a) Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 840 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? (b) Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.
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