Ashley Company uses a perpetual inventory system. From the following information, prepare an inventory record form
(a) Assuming that the FIFO method is in use
(b) Assuming that the LIFO method is in use.
Assume on January 1, 201X, a beginning inventory of 796 units at a cost of $7 each.

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Received Sold Date Apr. 15 Nov. 12 Dec. 31 Quanity Cost per Unit 220 794 696 Date Mar. 8 Oct. 5 Nov. 30 Quantity 500 354 402 S 5 10