Question
A company's inventory records for the month are provided below. August 1, beginning inventory 14 units at $8 each August 4, purchase 8 units at
A company's inventory records for the month are provided below.
| August 1, beginning inventory | 14 units at $8 each |
| August 4, purchase | 8 units at $7 each |
| August 11, purchase | 9 units at $5 each |
On August 16, the company sold 13 units for $11 each. According to the LIFO inventory costing method, what was ending inventory?
| $104.00 | ||
| $73.00 | ||
| $140.00 | ||
| $109.00 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
7th edition
978-1118344262, 111834426X, 1118162285, 978-1118562208, 1118562208, 978-1118162286
