Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Show steps a bit confused on the answers, thanks Question: 1 LIFO (Last-in, First-out) Inventory Valuation - PERIODIC System Activity Unit Cost 6.00 Total Sales

Show steps a bit confused on the answers, thanks

image text in transcribed

Question: 1 LIFO (Last-in, First-out) Inventory Valuation - PERIODIC System Activity Unit Cost 6.00 Total Sales Cost 12.00 Date Balance B C D Units 2 -2 5 18.00 8.00 40.00 0 0 0 Sale Purchase Sale Purchase -4 36.00 9 4.00 36.00 --- - Total 10 88.00 54.00 === = What is the value of the Ending Inventory? Correct Answer: $64.00 Your Answer: $44.00 Incorrect Answer Question: 2 FIFO (First-in, First-out) Inventory Valuation - PERIODIC System Activity Total Sales Unit Cost 13.00 Cost 117.00 Date Balance A B D 136.50 Units 9 -7 7 -7 4 11.00 Sale Purchase Sale Purchase 77.00 136.50 15.00 60.00 Total 6 6 254.00 273.00 What is the value of the Ending Inventory? Correct Answer: $82.00 Your Answer: $115.00 Incorrect

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Wall Street Mba

Authors: Reuben Advani

2nd Edition

007178831X, 9780071788311

More Books

Students also viewed these Accounting questions