Question

Use the following information to calculate the value of ending inventory and the cost of goods sold in March:

March 01: beginning inventory: 60 units @ $15 per unit

March 05: purchase of 140 units @ $15.50 per unit

March 14: sale of 190 units @ $19 per unit

March 27: purchase of 70 units @ $16 per unit

March 29: sale of 30 units @ $19.50 per unit

Under LIFO Periodic

Under LIFO Perpetual

Answer 1

Last In First Out (LIFO) Method - Perpetual
Date	Receipts/ purchase			Issues/ sales			Balance
	Qty	Price	Value	Qty	Price	Value	Qty	Price	Value
Mar-01							60	15.00	900
Mar-05	140	15.50	2170				60	15.00	900
							140	15.50	2170
Mar-14				140	15.50	2170	10	15.00	150
				50	15.00	750
Mar-27	70	16.00	1120				10	15.00	150
							70	16.00	1120
Mar-29				30	16.00	480	10	15.00	150
							40	16.00	640
	cost of goods sold			220		3400

under LIFO method, last in first out apply
for example, on date of march 14, 190 unit sold. On this date latest inventory is 140 at 15.50 which considered first, then after remaining (190-140) = 50 units at 15
ending inventory under Last In First Out (LIFO) Method - Perpetual 50 units = $790
Qty	Price	Value
10	15	150
40	16	640
50		790

Answer 2

Last In First Out (LIFO) Method - Periodic
	Qty	Price	Value
receipt/ purchase
Mar-01	60	15.00	900
Mar-05	140	15.50	2170
Mar-27	70	16.00	1120
	270		4190
Total units sold (190+30=220)
cost of goods sold
	70	16	1120
	140	15.5	2170
	10	15	150
cost of goods sold	220		3440
ending inventory	50	15	750