Reference no: EM132359611
Question
1. A company that uses the perpetual inventory system and the gross method of accounting for purchases purchased $8,500 of merchandise on March 25 with credit terms of 2/10, n/30. The invoice was paid in full on April 4. Prepare the journal entries to record the transactions on March 25 and April 4.
2. A company made the following merchandise purchases and sales during the month of May:
May 1 Purchased 380 units at $15 each
May 5 Purchased 270 units at $17 each
May 10 Sold 400 units at $50 each
May 20 Purchased 300 units at $22 each
May 25 Sold 400 units at $50 each
There was no beginning inventory.
A. If the company uses the FIFO periodic inventory method, what would be the cost of the ending inventory?
B. If the company uses the LIFO periodic inventory method, what would be the cost of the ending inventory?
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