FILLO, Inc.’s inventory activity in May 2011 was as follows:

Part A: Record the effect of the above inventory activity on the accounting equation assuming perpetual weighted average cost is used.

Part B: Record the effect of the above inventory activity on the accounting equation assuming perpetual first-in, first-out (FIFO) is used.

Part C: Using the information from Parts A and B above,for each item,write in the amount (even if $0)as of or for the Month Ended May 31,2011.Write in the one financial statement where the line item is found.

Question

FILLO, Inc.’s inventory activity in May 2011 was as follows:

Part A: Record the effect of the above inventory activity on the accounting equation assuming perpetual weighted average cost is used.

Part B: Record the effect of the above inventory activity on the accounting equation assuming perpetual first-in, first-out (FIFO) is used.

Part C: Using the information from Parts A and B above,for each item,write in the amount (even if $0)as of or for the Month Ended May 31,2011.Write in the one financial statement where the line item is found.

Quizplus · Accepted Answer

The Answer of FILLO, Inc.’s inventory activity in May 2011 was as follows:

Part A: Record the effect of the above inventory activity on the accounting equation assuming perpetual weighted average cost is used.

Part B: Record the effect of the above inventory activity on the accounting equation assuming perpetual first-in, first-out (FIFO) is used.

Part C: Using the information from Parts A and B above,for each item,write in the amount (even if $0)as of or for the Month Ended May 31,2011.Write in the one financial statement where the line item is found.