Question
July 1 Beginning inventory 10 units at $ 90 5 Purchases 60 units @ $ 84 14 Sale 45 units 21 Purchases 30 units @
July 1 Beginning inventory 10 units at $ 90
5 Purchases 60 units @ $ 84
14 Sale 45 units
21 Purchases 30 units @ $ 87
30 Sale 30 units
Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis? | |
A) | $2,748 |
B) | $2,754 |
C) | $2,175 |
D) | $5,796 |
Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis? | |
A) | $2,748 |
B) | $2,754 |
C) | $2,160 |
D) | $5,796 |
Assuming that a perpetual inventory system is used, what is the ending inventory (rounded) under the average-cost method? | |
A) | $2,750 |
B) | $2,151 |
C) | $2,406 |
D) | $2,772 |
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