The following data represent the beginning inventory and, in order of occurrence
ID: 2546131 • Letter: T
Question
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Ramos, Inc. for an operating period.
Units
Unit Cost
Total Cost
Units Sold
Beginning Inventory
32
$72
$2,304
Sale No. 1
10
Purchase No. 1
28
80
2,240
Sale No. 2
32
Purchase No. 2
20
76
1,520
Totals
80
$6,064
42
Assuming Ramos, Inc. uses LIFO periodic inventory procedures, the ending inventory cost is:
Select one:
A. $2,360
B. $2,632
C. $2,784
D. $2,888
Units
Unit Cost
Total Cost
Units Sold
Beginning Inventory
32
$72
$2,304
Sale No. 1
10
Purchase No. 1
28
80
2,240
Sale No. 2
32
Purchase No. 2
20
76
1,520
Totals
80
$6,064
42
Explanation / Answer
Ending inventory units=80-42=38 Ending inventory cost=(32*72)+(6*80)= $2784 Option C is correct
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