Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning Inventory 160 units @ $ 7 = $1,120 Jan. 10 Sales 120
Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning Inventory 160 units @ $ 7 = $1,120 Jan. 10 Sales 120 units @ $ 15 Jan. 20 Purchase 320 units @ $ 6 = 1,920 Jan. 25 Sales 270 units @ $ 15 Jan. 30 Purchase 120 units @ $ 5 = 600 Totals 600 units $3,640 390 units Liberty uses a periodic inventory system. Ending inventory consists of 210 units, 105 from the January 30 purchase, 84 from the January 20 purchase, and 21 from beginning inventory. What is fifo and lifo ending inventory?
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