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Morgan Manufactuing

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Submitted By gatayan777
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Lewis Corporation*

Lewis Corporation had traditionally used the FIFO method of inventory valuation. You are given the information shown in exhibit 1 on transactions during the year affecting Lewis’s inventory account. (The purchases are in sequence during the year. The company uses a periodic inventory method).

Exhibit 1 Inventory Transactions 2009-2010--------------------------------------------------- &nbs p;
2009
Beginning Balance &nb sp; 1,840 Cartons @ $20.00
Purchases &nbs p; 600 cartons @ 20.25 &nbs p; 800 cartons @ 21.00 &nbs p; 400 cartons @ 21.25 &nbs p; 200 cartons @ 21.50 &nbs p;
Sales &nbs p; 2,820 cartons @ 34.00

2010
Beginning Balance &nbs p; 1,020 cartons
Purchases &nbs p; 700 cartons @ 21.50 &nbs p; 700 cartons @ 21.50 &nbs p; 700 cartons @ 22.00 &nbs p; 1,000 cartons @ 22.25

Sales &nbs

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