Divide the Class into Teams of Three or Four People

Essay

Divide the class into teams of three or four people.Each team member should work the following problem separately outside of class.Then give the students time in class to compare answers with their teammates and put together a final,correct copy of the problem.Each team should turn in only one copy of the problem for grading.All team members will receive the same grade.
Phillo,Inc.had the following sales and purchases during its first month of business.
Part A: Record the effect of the following transactions on the accounting equation,assuming a LIFO perpetual inventory system.Fill in both the correct dollar amounts and account titles.Use a plus for increases and a minus for decreases.

Part B: Record the effect of the following transactions on the accounting equation assuming a FIFO perpetual inventory system.Fill in both the correct dollar amounts and account titles.Use a plus for increases and a minus for decreases.

Part C: Put an X in the appropriate box to select the method that gives the result shown by choosing either LIFO,FIFO,or Same (if both methods result in the same amount).