MC Qu. 100 A company had the following... A company had the following purchases
ID: 2414818 • Letter: M
Question
MC Qu. 100 A company had the following... A company had the following purchases and sales during Its first year of operations: Purchases January: 15 units at $160 8 units February: 25 units at $165 10 units May: september: 17 units at $175 13 units November: 15 units at $180 18 units 20 units at $170 14 units On December 31, there were 29 units remaining in ending inventory Using the Perpetuai LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) Multiple Choice $4,790. $9,640 $6,113.Explanation / Answer
STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Jan 15 160 2400 15 160 2400 Jan 8 160 1280 7 160 1120 Feb 25 165 4125 7 160 1120 25 165 4125 Feb 10 165 1650 7 160 1120 15 165 2475 May 20 170 3400 7 160 1120 15 165 2475 20 170 3400 May 14 170 2380 7 160 1120 15 165 2475 6 170 1020 Sep 17 175 2975 7 160 1120 15 165 2475 6 170 1020 17 175 2975 Sep 13 175 2275 7 160 1120 15 165 2475 6 170 1020 4 175 700 Nov 15 180 2700 7 160 1120 15 165 2475 6 170 1020 4 175 700 15 180 2700 Nov 15 180 2700 7 160 1120 3 175 525 15 165 2475 6 170 1020 1 175 175 TOTAL 92 15600 63 10810 29 4790 Answer is $ 4790
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