Problem: Cost-flow assumptions?FIFO and LIFO using periodic and perpetual systems.
The inventory records of Twilight, Inc., reflected the following information for the year ended December 31, 2005:
Number of Unit Total
Units Cost Cost
Inventory, January 1 150 25 3750
Purchases:
30-May 250 26 6500
28-Sep 350 28 9800
Goods available for sale 750 20050
Sales:
February-05 100
June-05 250
November-05 300
Total sales 650
Inventory, December 31 100
How do you solve for FIFO AND LIFO under periodic and perpetual system.