On June 1, Treble Clef, Inc. had one piano in inventory. During June, five additional pianos were purchased--two on June 8, two on June 12, and one on June 25. The company sold three of the pianos on June 13, another one on June 19, and one more on June 28.
Part A: Using the LIFO perpetual cost flow method, put the number of pianos in the appropriate column(s) to show:
Part B: Using the FIFO perpetual cost flow method,put the number of pianos in the appropriate column(s)to show:

Question

On June 1, Treble Clef, Inc. had one piano in inventory. During June, five additional pianos were purchased--two on June 8, two on June 12, and one on June 25. The company sold three of the pianos on June 13, another one on June 19, and one more on June 28.
Part A: Using the LIFO perpetual cost flow method, put the number of pianos in the appropriate column(s) to show:
 Part B: Using the FIFO perpetual cost flow method,put the number of pianos in the appropriate column(s)to show:

Quizplus · Accepted Answer

The Answer of On June 1, Treble Clef, Inc. had one piano in inventory. During June, five additional pianos were purchased--two on June 8, two on June 12, and one on June 25. The company sold three of the pianos on June 13, another one on June 19, and one more on June 28.
Part A: Using the LIFO perpetual cost flow method, put the number of pianos in the appropriate column(s) to show:
 Part B: Using the FIFO perpetual cost flow method,put the number of pianos in the appropriate column(s)to show: