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Bramble Bookstore had 550 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date
Bramble Bookstore had 550 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows:
Date | Purchases | Sales | |
Jan. 14 | 350 @ $14 | ||
17 | 250 @ $12 | ||
25 | 250 @ $10 | ||
29 | 270 @ $17 |
Bramble does not maintain perpetual inventory records. According to a physical count, 430 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is:
| $4660. |
| $5160. |
| $4300. |
| $3870. |
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