Inventory Lifo Fifo June Transactions Purchases Sales June 1 800 3 20 June 2 6

Inventory – LIFO/FIFOJune Transactions Sales 600 @$5.50 1,600@$5.50 1,000@$5.50 June 10 400 @ $6.00 June 18 1,400 @$6.00 June 25 200 @ $6.00 A) Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is? B) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is? C) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is? D) Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar is?my question is : what’s the different for “kept in units only? and kept in dollars” in LIFO,and FIFO perpetual system?

 

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