Linda’s Lampshades started business on Jan. 1, 2001.

Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions:

Journals – Jan. 2001

 

                  Purchases

Supplier      Date Received          Quantity          Unit Cost              Amount

Donna          01/10/01                     110                12.00                1320.00

Thomas        01/15/01                     160                14.00                2240.00

Cindy           01/18/01                     150                15.00                2250.00

 

Sales

Customer  Date shipped              Quantity          Sel. Price             Amount 

Norilene    01/16/01                        200              25.00                  5000.00

  

1. Calculate the ending inventory, using the perpetual inventory method: 

 

A.  Using FIFO

B.  Using LIFO

C.  Using Average Cost

 

2. Prepare the following statement 

 

             Using

                   FIFO  LIFO    Average Cost

Sales

Cost of Sales 

Gross Profit