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I need to answer and set these these questions up in a LIFO format Data The company uses a perpetual inventory system. It had the
I need to answer and set these these questions up in a LIFO format
Data The company uses a perpetual inventory system. It had the following beginning inventory and current- year purchases of its product. 50 units @ $100 5,000 150 units @ $12018,000 200 units @ $150 30.000 300 units @ $20060,000 Sept. 26 Purchase The company transacted sales on the following dates at a $350 per unit sales price. Jan. 10 30 units (specific cost: 30 @ $100) Feb. 15 100 units (specific cost: 100 @ $120) Oct. 5 350 units (specific cost: 100 @$150 and 250 @ $200) Concepts and Procedures to Illustrate in Expert Presentation a. Identify and compute the costs to assign to the units sold. (Round per unit costs to three decimals.) b. Identify and compute the costs to assign to the units in ending inventory. (Round inventory balances to the dollar.) c. How likely is it that this inventory costing method will reflect the actual physical flow of goods? How relevant is that factor in determining whether this is an acceptable method to use? d. What is the impact of this method versus others in determining net income and income taxes? e. How closely does the ending inventory amount reflect replacement costStep by Step Solution
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