Question: Refer to the data for E5-16A. However, instead of the FIFO method, assume Jamesons Sports Shop uses the LIFO method. Requirements 1. Prepare a perpetual

Refer to the data for E5-16A. However, instead of the FIFO method, assume Jameson’s Sports Shop uses the LIFO method.

Date Item Quantity 10 Unit Cost $104 Aug 1 Balance 7 Purchase 11 Sale 19 Purchase 28 Sale 12 $108 14 $116 11 10

Requirements

1. Prepare a perpetual inventory record for the watches on the LIFO basis to determine the cost of ending inventory and cost of goods sold for the month.

2. Journalize Jameson’s Sports Shop’s inventory transactions using the perpetual LIFO method. Assume that all purchases and sales are on account.

Date Item Quantity 10 Unit Cost $104 Aug 1 Balance 7 Purchase 11 Sale 19 Purchase 28 Sale 12 $108 14 $116 11 10

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