Question: Use the following information to complete an inventory chart for (a) FIFO and (b) LIFO. Assume a perpetual inventory system. (Use the forms that follow.)

Use the following information to complete an inventory chart for (a) FIFO and (b) LIFO. Assume a perpetual inventory system.(Use the forms that follow.)

Dec. 1 Beginning inventory70 units @ $14

9 Purchases30 units @ $16

17 Sales25 units

22 Purchases15 units @ $18

27 Sales40 units

Ending Inventory50 units

FIFO

Purchased

Cost of Merchandise Sold

Balance

Date

Units

Cost

Total

Units

Cost

Total

Units

Cost

Total

Dec

980

480

350

630

270

LIFO

Purchased

Cost of Merchandise Sold

Balance

Date

Units

Cost

Total

Units

Cost

Total

Units

Cost

Total

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