Please help with this. IDC sold 100 bottles of carpet stain remover this...
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Accounting
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- IDC sold 100 bottles of carpet stain remover this year for $5 per bottle (it collected $500). IDC sold 40 bottles on June 1 and 60 bottles on November 2. IDC had the following carpet-cleaning supplies on hand for this year, and IDC has elected to use the LIFO method of accounting for inventory under a perpetual inventory system:
CASH METHOD ACCRUAL METHOD
FOR STAIN REMOVER
| Purchase Date | Bottles | Total Cost | |
| November last year | 40 | $168 | |
| February this year | 35 | 136 | |
| July this year | 25 | 115 | |
| August this year | 40 | 200 | |
| Totals | 140 | $619 | |
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