Refer to the information in QS 6 5 and assume the perpetual inventory system is used Determine the costs assigned to ending inventory when costs are assigned based on LIFO December 7 10 units $ 9 cost December 14 20 units $10 cost December 21 15 units $12 cost ...

LIFO Date Goods Purchased Cost of Goods S ...

Refer to the information in QS 6-5 and assume the perpetual inventory system is used. Determine the

Question:

Refer to the information in QS 6-5 and assume the perpetual inventory system is used. Determine the costs assigned to when costs are assigned based on LIFO.

December 7 10 units @ $ 9 cost
December 14 20 units @ $10 cost
December 21 15 units @ $12 cost

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...