If the last-in, first-out (LIFO) method of inventory (stock) valuation is used, what is the amount of

Question:

If the last-in, first-out (LIFO) method of inventory (stock) valuation is used, what is the amount of closing inventory (stock)?

(a) £1,400

(b) £1,470

(c) £1,540

(d) £1,680

The following information applies to question.

On 31 December Year 1, James White and Co carried out its annual physical stocktaking counting 25 DVD players, each of which had cost £100. During Year 2, further purchases were made as follows:

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Annual sales totalled 52 DVD players at total sales revenue of £9,350. Dates of sale are not recorded.

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Financial Accounting

ISBN: 9781292244471

8th Edition

Authors: Pauline Weetman

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Question Posted: Mar 06, 2024 07:01 AM

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If the last-in, first-out (LIFO) method of inventory (stock) valuation is used, what is the amount of

Question:

Month March May June September November DVD players purchased 5 10 8 6 12 Unit price 100 110 115 120 125

Step by Step Answer:

a Workings for LIFO allocating sales backwards from year end In...View the full answer

Financial Accounting

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