Question
MiCo Opens for business in 20x3 and uses the periodic method and LIFO costing,. On Dec. 31, 20x3, there are 900 units of merchandise in
MiCo Opens for business in 20x3 and uses the periodic method and LIFO costing,. On Dec. 31, 20x3, there are 900 units of merchandise in Mico's inventory @ $11. Mico's 20x4 merchandise purchases are as followes
Feb 4 1200 @ $14.00
March 10 2,000 @ $15.00
July 7 3,300 @ $18.00
Oct. 21 4,200 @ $20.00
If Mico's December 31, 20x4 physical county shows 1500 units in ending inventory, then endin inventory on Mico's balance sheet would be
a. 21,300
b. 30,000
c. 18,3000
d. 21,900
I know B and C are incorrect. Need to see how to break down to get the correct answer
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