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Inventory - LIFO/FIFO June Transactions Purchases Sales June 1 [email protected] $3.20 June 2 600 @$5.50 June 3 2,200 @ $3.

Inventory - LIFO/FIFO

June Transactions

Purchases Sales
June 1 [email protected] $3.20 June 2 600 @$5.50
June 3 2,200 @ $3.10 June 6 1,[email protected]$5.50
June 7 1,200 @ $3.30 June 9 1,[email protected]$5.50
June 15 1,800 @ $3.40 June 10 400 @ $6.00
June 22 500 @ $3.50 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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