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Prepare the journal entries perpetual lifo inventory

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Question - Mega Shark Company started May with $ 1,000 of inventory, consisting of 100 units at $ 10 each. The following additional transactions occurred during the month:

May 5, I bought 500 units for $ 13 each

May 9, sold 475 units for $ 16 each

May 17, bought 150 units for $ 11 each

May 26, sold 50 units for $ 14 each

A) Assume the perpetual FIFO method is used.

1. Prepare the Journal entries Perpetual FIFO Inventory.

2. Prepare Entries to Determine Perpetual FIFO Inventory.

B) Assume the perpetual LIFO method is used.

1. Prepare the Journal entries Perpetual LIFO Inventory.

2. Prepare Entries to Determine Perpetual LIFO Inventory.

Reference no: EM132678232

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