Cengage .. CengageNOW/21 Onl Q Accounting Ch. 7 Flas × | Q Accounting ch. 7 Flas

Question

Cengage .. CengageNOW/21 Onl Q Accounting Ch. 7 Flas × | Q Accounting ch. 7 Flas × © Cengage CenX * Homework Help-Q& × + ¢v2.cengagenow.com/ilrntakeAssignment/takeAssignmentMain.do?!nvoker-... asearch CHAPTER 7 - INVENTORIES Study Progress Previous Page 9 of 18 exo Submit Quiz Determine the ending inventory using the periodic inventory system and the LIFO inventory method, assuming that 18 units were sold at a sales price of $14 Date June 1 June 12 June Item Beginning inventory Purchase Units Cost Total $30 60 56 $5 10 18 Purchase Totals 24 O a. $146 O b. $30 O c. $56 O d. $42 Save and Exit Submit Assignment for Grading e Learning 12:14 PM E 11/15/2017 11 Type here to search 97

Explanation / Answer

Under LIFO goods are valued at cost of old purchases or we can say new goods are sold first and ending inventory would be old one.

Ending Inventory 6 Units x 5 = $30

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