Question
Cheyenne Corp. uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows: Units Per unit price
Cheyenne Corp. uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows:
| Units | Per unit price | Total | ||||
|---|---|---|---|---|---|---|
| Balance, 1/1/2022 | 260 | $4.00 | $1040 | |||
| Purchase, 1/15/2022 | 130 | ..4.70 | 611 | |||
| Purchase, 1/28/2022 | 130 | ..4.80 | 624 |
An end of the month (1/31/2022) inventory showed that 210 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
As per LIFOgoods purchased last are sold off first SalesBeginni...
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Intermediate Accounting
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
8th edition
978-1259997525, 1259997529, 978-1259548185
