1. Business
  2. Accounting
  3. use the data provided in p2 but assume that the...

Question: use the data provided in p2 but assume that the...

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Use the data provided in P2 but assume that the company uses the periodic inventory system. P2 the inventory of Wood4Fun and data on purchases and sales for a two-month period follow.The company does its books at the end of each month It uses the periodic inventory system.Data is as follows, The proble is for P3. page 294. Needles & Powers ( Perpetual Inventory system and Inventory costing Methods. )Use the data as follows but assume that the company uses the perpetual inventory system. I think this is what is messing me up? Do we run a balance of enventory after each transaction? Apr 1 Beginning inventory 50 units @ $204 Apri 10 Purchase 100 units @ $220 April 17 sale 90 units April 30 Ending inventory 60 units May 2 Purchase 100 units @ 216 May 14 Purchase 50 units @ $224 May 22 Purchase 60 units @ $ 234 May 30 sale 200 units May 31 Ending inventory 70 units I need to check my answers for the LIFO and FIFO (perpetual inventory)

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