Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

33) LuCo begins operations in 20X4 and uses the periodic method and LIFO costing. Its merchandise purchases are as follows: 20X4 20X5 20X6 March 300

33) LuCo begins operations in 20X4 and uses the periodic method and LIFO

costing. Its merchandise purchases are as follows:

20X4 20X5 20X6

March 300 @ $4 600 @ $ 8 900 @ $11

July 500 @ $5 900 @ $12 600 @ $14

September 200 @ $7 100 @ $ 9 700 @ $13

November 400 @ $6 700 @ $10 100 @ $16

Assume, instead, that LuCo's December 31, 20X4 ending inventory is 300

units; its December 31, 20X5 ending inventory is 800 units; and its

December 31, 20X6 ending inventory is 600 units (which is lower than its

20X6 beginning inventory). What is LuCo's December 31, 20X6 ending

inventory?

a. $6,600 b. $4,800 c. $4,400 d. $3,600

A and B are wrong , I do not know it will be C or D?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

10th edition

1260481956, 1260310175, 978-1260481952

More Books

Students also viewed these Accounting questions

Question

Explain the difference between absolute and comparative advantage.

Answered: 1 week ago

Question

Establish Green's Second Identity: as

Answered: 1 week ago

Question

How is the NDAA used to shape defense policies indirectly?

Answered: 1 week ago

Question

Be straight in the back without blowing out the chest

Answered: 1 week ago

Question

Wear as little as possible

Answered: 1 week ago

Question

Be relaxed at the hips

Answered: 1 week ago