Question

In: Accounting

I already asked this but didnt get a good response for FIFO perpetual or LIFO Perpetual....

I already asked this but didnt get a good response for FIFO perpetual or LIFO Perpetual. I need a more elaborate response.

Please show work and explain why!!! I'm super confused.

On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lacy had the following inventory transactions:

Date

November 6

Purchased 100 units @ $75 per unit

11

Sold 200 units

17

Sold 85 units

24

Purchased 100 units @ $125 per unit

28

Purchased 50 units @ $110 per unit

30

Sold 100 units

Required:

Compute the cost of the inventory at the end of November under the following alternatives:

a.

FIFO periodic

b.

FIFO perpetual

c.

LIFO periodic

d.

LIFO perpetual

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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