Question
Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers: Date Transaction Number of Units Cost
Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers:
| Date | Transaction | Number of Units | Cost per Unit | |||||
| 1/1 | Beginning Inventory | 120 | $ | 820 | ||||
| 5/5 | Purchase | 220 | $ | 920 | ||||
| 8/10 | Purchase | 320 | $ | 1,020 | ||||
| 10/15 | Purchase | 210 | $ | 1,070 |
During the year, Lauer sold 800 laptop computers. What was ending inventory using the FIFO cost flow assumption?
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Financial And Managerial Accounting
Authors: Charles T Horngren, Jr Walter T Harrison
2nd Edition
0135080193, 9780135080191
