Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ayayai Corp. has the following inventory data: July 1 Beginning inventory 28 units at $18 $504 7 Purchases 99 units at $19 1881 22 Purchases
Ayayai Corp. has the following inventory data:
July 1 | Beginning inventory | 28 units at $18 | $504 | |||
7 | Purchases | 99 units at $19 | 1881 | |||
22 | Purchases | 14 units at $21 | 294 | |||
$2679 |
A physical count of merchandise inventory on July 30 reveals that there are 45 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is
$827.
$810.
$855.
$945.
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