Question
Date Transaction Number of Units Cost per Unit 1-Jan Beginning Inventory 660 $ 2,500 6-Jun Purchase 865 $ 3,925 10-Sep Purchase 1,265 $ 4,975 15-Nov
| Date | Transaction | Number of Units | Cost per Unit | |||||
| 1-Jan | Beginning Inventory | 660 | $ | 2,500 | ||||
| 6-Jun | Purchase | 865 | $ | 3,925 | ||||
| 10-Sep | Purchase | 1,265 | $ | 4,975 | ||||
| 15-Nov | Purchase | 880 | $ | 5,500 |
Provided the following information about one of its inventory items.During the year, the company sold 3,200 units.What was ending inventory using the LIFO cost flow assumption under a periodic inventory system?
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Financial and Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
12th edition
978-1133952428, 1285078578, 1133952429, 978-1285078571
