Lee Corp. purchased 10 key chains on January 1, 2010 for $9.00 each and 5 key chains were purchased on December 1, 2010 for $10.00. Seven were sold. What would be the inventory amount for LIFO, what would be the inventory amount for
FIFO
LIFO: last in first out.
Date qty unit price total inventory
Jan1 10 9 $90 $90
Dec. 5 10 $50 $140
Sold 7:
sold 5 10 $50 $90
sold 2 9 $18 $72
FIFO: first in first out
Jan1 10 9 $90 $90
Dec. 5 10 $50 $140
Sold 7:
sold 7 9 $63 $77