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 270
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 | 270 | $ | 970 | |
| 5/5 | Purchase | 370 | $ | 1,070 | |
| 8/10 | Purchase | 470 | $ | 1,170 | |
| 10/15 | Purchase | 285 | $ | 1,220 |
|
During the year, Lauer sold 1,175 laptop computers.
What was ending inventory using the FIFO cost flow assumption?
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Cornerstones Of Managerial Accounting
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
4th Edition
978-0538473460, 0538473460
