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Question - Monsoon Company has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows:
Purchases
Sales
May
#
Cost
Price
4
1,300
$4.10
3
200
$7.00
8
800
$4.30
6
1,000
14
700
$4.40
12
900
$7.50
22
1,200
$4.50
18
400
29
500
$4.55
25
1,400
$8.00
Required -
1) Determine Monsoon's ending inventory in dollars using Periodic Average. Round to the nearest dollar.
2) Determine Monsoon's ending inventory in dollars using Periodic LIFO. Round to the nearest dollar.
3) Determine Monsoon's ending inventory in dollars using Perpetual LIFO. Round to the nearest dollar.
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