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Calculate the ending inventory

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Reference no: EM131773904

Linda's Lampshades started business on Jan. 1, 2001. They had the following inventory transactions: 

Journals - Jan. 2001

Purchases

Supplier         Date Received         Quantity        Unit Cost       Amount 

Donna           01/10/01                110              12.00            1320.00 

Thomas         01/15/01                160              14.00             2240.00

Cindy            01/18/01                150              15.00            2250.00

Sales

Customer      Date shipped    Quantity      Sel. Price                Amount          

Norilene        01/16/01         200                  25.00                   5000.00

1.    Calculate the ending inventory, using the perpetual inventory method: 

A.     Using FIFO

B.     Using LIFO

C.     Using Average Cost

2.    Prepare the following statement

Reference no: EM131773904

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