Question
A company just starting business made the following four inventory purchases in June: June 1 100 units $410 June 10 200 units 575 June 15
A company just starting business made the following four inventory purchases in June:
| June 1 | 100 units | $410 |
| June 10 | 200 units | 575 |
| June 15 | 200 units | 700 |
| June 28 | 180 units | 530 |
| $2215 |
A physical count of merchandise inventory on June 30 reveals that there are 180 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is
$640.
$810.
$1405.
$1575.
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Financial Accounting Tools for business decision making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
978-1119191674, 047053477X, 111919167X, 978-0470534779
