Question
A company's inventory records indicate the following data for the month of January: Jan. 1 Beginning 180 units at $9 each Jan. 5 Purchase 170
A company's inventory records indicate the following data for the month of January:
| Jan. 1 | Beginning | 180 units at $9 each |
| Jan. 5 | Purchase | 170 units at $10 each |
| Jan. 9 | Sale | 300 units at $35 each |
| Jan. 14 | Purchase | 200 units at $11 each |
| Jan. 20 | Sale | 150 units at $35 each |
| Jan. 30 | Purchase | 230 units at $12 each |
If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory?
|
| Purchases | Sales | Balance | ||||||
|
| Units | Unit cost | Total | Units | Unit cost | Total | Units | Unit cost | Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NO PDF
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
Accounting A Business Perspective
Authors: Roger H. Hermanson, James Don Edwards, Michael W. Maher
7th Edition
0075615851, 978-0075615859
