RJ Corporation has provided the following information about one of its inventory

Question

RJ Corporation has provided the following information about one of its inventory items:   Date Transaction Number of Units Cost per Unit   1/1   Beginning Inventory 605          $2,300           6/6   Purchase 865          $4,025           9/10   Purchase 1,285          $5,275           11/15   Purchase 920          $5,600         During the year, RJ sold 3,280 units. What was ending inventory using the LIFO cost flow assumption under a periodic inventory system?
RJ Corporation has provided the following information about one of its inventory items:

Explanation / Answer

No. of Units sold out of units purchased on 11/15 = 920

No. of units sold out of units purchased on 9/10 = 1285

No. of units sold out of units purchased on 6/6= 865

No of units sold out of units purchased on 1/1 = 210

Closing inventory(units) = 395

Closing inventory(value) = 395*$2300

= $908500

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.