On May 1,Starnes TV had two TV sets in inventory.During May,six additional TV sets were purchased--two on May 10,one on May 16,and three on May 24.The company sold two of the TV sets on May 13,another one on May 18,and two more on May 27.
Part A: Using the FIFO perpetual cost flow method,fill in the number of TV sets in the appropriate column:
Part B: Using the LIFO perpetual cost flow method,fill in the number of TV sets in the appropriate column:

Question

On May 1,Starnes TV had two TV sets in inventory.During May,six additional TV sets were purchased--two on May 10,one on May 16,and three on May 24.The company sold two of the TV sets on May 13,another one on May 18,and two more on May 27.
Part A: Using the FIFO perpetual cost flow method,fill in the number of TV sets in the appropriate column:
  Part B: Using the LIFO perpetual cost flow method,fill in the number of TV sets in the appropriate column:

Quizplus · Accepted Answer

The Answer of On May 1,Starnes TV had two TV sets in inventory.During May,six additional TV sets were purchased--two on May 10,one on May 16,and three on May 24.The company sold two of the TV sets on May 13,another one on May 18,and two more on May 27.
Part A: Using the FIFO perpetual cost flow method,fill in the number of TV sets in the appropriate column:
  Part B: Using the LIFO perpetual cost flow method,fill in the number of TV sets in the appropriate column:

On May 1,Starnes TV Had Two TV Sets in Inventory