Perpetual LIFO and Periodic FIFO

question 62

Essay

Perpetual LIFO and Periodic FIFO.
Matlock Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2014.
Instructions

(a) Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method.
(b) Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method.

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Definitions:

Sexual Intercourse

The physical act between two or more individuals involving genital contact and sexual stimulation.

Maternal Relatives

Family members related through one's mother, including grandparents, aunts, and uncles on the mother’s side.

Sexual Orientation

An enduring sexual attraction toward members of either one’s own sex (homosexual orientation) or the other sex (heterosexual orientation).

Birth-Order Effect

A psychological theory suggesting that one's rank in their sibling hierarchy influences their personality and behavior.