Question
Lauer Corporation has provided the following information about one of its laptop computers: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 160
Lauer Corporation has provided the following information about one of its laptop computers:
| Date | Transaction | Number of Units | Cost per Unit | ||
| 1/1 | Beginning Inventory | 160 | $ | 860 | |
| 5/5 | Purchase | 260 | $ | 960 | |
| 8/10 | Purchase | 360 | $ | 1,060 | |
| 10/15 | Purchase | 230 | $ | 1,110 | |
During the year, Lauer sold 900 laptop computers.
What was ending inventory using the FIFO cost flow assumption?
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Survey Of Accounting
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
3rd Edition
1119895685, 9781119895688
