Question
Lenexa Printing has 3,000 units of inventory on January 1, 2018 . The inventory lots under FIFO and LIFO are: FIFO Purchase Date Units Cost
- Lenexa Printing has 3,000 units of inventory on January 1, 2018. The inventory lots under FIFO and LIFO are:
FIFO
| Purchase Date | Units | Cost / Unit |
| December 1, 2017 | 1,000 | $12 |
| December 5, 2017 | 1,000 | $13.5 |
| December 17, 2017 | 1,000 | $14 |
LIFO
| Purchase Date | Units | Cost / Unit |
| September 7, 2016 | 2,000 | $11 |
| December 17, 2017 | 1,000 | $14 |
During the month ended January 31, 2018, Lenexa Printing sells 1,500 units of inventory.
Calculate the LIFO reserve as of January 31, 2018.
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Accounting Information System
Authors: James A. Hall
7th Edition
978-1439078570, 1439078572
