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During the past year, Velcon National sold 418 jackets. Inventory records for the year are as follows: DATE QUANTITY COST TOTAL January 1 Beginning Inventory
During the past year, Velcon National sold 418 jackets. Inventory records for the year are as follows:
| DATE | QUANTITY | COST | TOTAL | |
| January 1 | Beginning Inventory | 150 | $26 | $ 3,900 |
| July 6 | Purchase | 350 | 35 | 12,250 |
| August 24 | Purchase | 250 | 28 | 7,000 |
| October 26 | Purchase | 400 | 35 | 14,000 |
| December 28 | Purchase | 250 | 50 | 12,500 |
| Total available for sale | 1,400 | $49,650 | ||
Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory.
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IT Auditing An Adaptive Process
Authors: Robert E. Davis
1st Edition
0557220513, 978-0557220519
