The following is a record of Skysong Company's transactions for Boston Teapots for the month of...
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The following is a record of Skysong Company's transactions for Boston Teapots for the month of May 2025. May 1 Balance 424 units @ $20.00 May 10 Sale 318 units @ $35.00 12 Purchase 636 units @ $27.00 20 Sale 572 units @ $35.00 28 Purchase 424 units @ $33.00 Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO. (1) FIFO Ending inventory $ +A (2) LIFO The following is a record of Skysong Company's transactions for Boston Teapots for the month of May 2025. May 1 Balance 424 units @ $20.00 May 10 Sale 318 units @ $35.00 12 Purchase 636 units @ $27.00 20 Sale 572 units @ $35.00 28 Purchase 424 units @ $33.00 Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO. (1) FIFO Ending inventory $ +A (2) LIFO
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