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(a) (1) 400 @ $30 = $12,000 160 @ $25 = 4,000 $16,000 (2) 400 @ $20 = $ 8,000 160 @ $25 = 4,000
(a) (1) 400 @ $30 = $12,000 160 @ $25 = 4,000 $16,000 (2) 400 @ $20 = $ 8,000 160 @ $25 = 4,000 $12,000 (b) (1) FIFO $16,000 [same as (a)] (2) LIFO 400 @ $30 = $12,000 60 @ $25 = 1,500 100 @ $20 = 2,000 $15,500
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The dollarvalue LIFO costing method treats the inventory base as being composed of a base of cost in dollars rather than of units Therefore a change in the composition of the inventory less magnets an...
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
