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:

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
e. Weighted average round unit costs to 2 decimal places)

Question

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:
 
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
e. Weighted average round unit costs to 2 decimal places)

Quizplus · Accepted Answer

The Answer of 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:
 
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
e. Weighted average round unit costs to 2 decimal places)

On November 1, Lacy Company Began Business with the Purchase