Question

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

Answer 1