Prepare Journal Entries With FIFO And LIFO Method
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Question
At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
- 1/2/20X3 Purchases on account: 500 units @ $4 = $2,000
- 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
- 1/20/20X3 Purchases on Account: 200 units @ $5 = $1,000
- 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO.
b. Calculate the balance in the firm’s Inventory account under each method.
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