The following purchases and sales of item L211 were made by the Davis Supply Store during...

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The following purchases and sales of item L211 were made by the Davis Supply Store during 20X1. On January 1, 20X1, the inventory of this item was 300 units at a unit cost of $75. Purchases Date February 2 February 10 March 22 March 27 May 3 May 19 June 27 July 15 August 14 September 3 September 4 November 10 December 6 Units 200 190 200 150 200 Cost $16,000 14,820 16,200 12,300 16,600 Units Sold 120 85 175 50 210 100 25 150 REQUIRED: Using the FIFO inventory method, complete the perpetual inventory control record at the back of this unit and then answer question 2. Note that the January 1 balance and the February 2 and 10 transactions have been filled in on the record. 2. The inventory balance at December 31, 20X1, under the FIFO method is comprised of? 3. Assume that the Davis Supply Store uses the periodic inventory system. The ending inventory balance at December 31, 20X1, under the LIFO inventory method would be comprised of? The following purchases and sales of item L211 were made by the Davis Supply Store during 20X1. On January 1, 20X1, the inventory of this item was 300 units at a unit cost of $75. Purchases Date February 2 February 10 March 22 March 27 May 3 May 19 June 27 July 15 August 14 September 3 September 4 November 10 December 6 Units 200 190 200 150 200 Cost $16,000 14,820 16,200 12,300 16,600 Units Sold 120 85 175 50 210 100 25 150 REQUIRED: Using the FIFO inventory method, complete the perpetual inventory control record at the back of this unit and then answer question 2. Note that the January 1 balance and the February 2 and 10 transactions have been filled in on the record. 2. The inventory balance at December 31, 20X1, under the FIFO method is comprised of? 3. Assume that the Davis Supply Store uses the periodic inventory system. The ending inventory balance at December 31, 20X1, under the LIFO inventory method would be comprised of?

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Here are the stepbystep workings Perpetual Inventory Control Record FIFO Method Item L211 1 Opening ... View the full answer