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 280
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 | 280 | $ | 980 | |
| 5/5 | Purchase | 380 | $ | 1,080 | |
| 8/10 | Purchase | 480 | $ | 1,180 | |
| 10/15 | Purchase | 290 | $ | 1,230 | |
During the year, Lauer sold 1,200 laptop computers.
What was ending inventory using the LIFO cost flow assumption?
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
8th edition
1111534918, 978-1111534912
