Tamarisk Company's record of transactions for the month of April was as follows. April 1 (balance...

 

Transcribed Image Text:

Tamarisk Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 4 8 13 21 Purchases 29 1,200 3,000 @ 2,400 @ $5.60 1,600 @ 6.00 1,400 5.70 6.10 6.20 1,000 @ 6.40 10,600 April 3 9 11 23 27 Sales 1,000 @ $10.00 2,800 @ 1,200 @ 2,400 @ 1,800 @ 9,200 10.00 11.00 11.00 12.00 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Tamarisk Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 4 8 13 21 Purchases 29 1,200 3,000 @ 2,400 @ $5.60 1,600 @ 6.00 1,400 5.70 6.10 6.20 1,000 @ 6.40 10,600 April 3 9 11 23 27 Sales 1,000 @ $10.00 2,800 @ 1,200 @ 2,400 @ 1,800 @ 9,200 10.00 11.00 11.00 12.00 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.

Answer rating: 100% (QA)

here are the calculations for FIFO and LIFO inventory FIFO April 3 100... View the full answer