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Singleton Company's perpetual inventory records included the following information: Date Number of Units and Unit Cost Total Cost January 1 Beginning inventory 280 units @
Singleton Company's perpetual inventory records included the following information:
Date | Number of Units and Unit Cost | Total Cost | |
---|---|---|---|
January 1 | Beginning inventory | 280 units @ $11.00 | $ 3,080 |
March 4 | Purchase | 230 units @ $16.00 | 3,680 |
September 28 | Purchase | 510 units @ $13.00 | 6,630 |
Number of units sold during the year: 760 |
If Singleton uses the LIFO cost flow method, its ending inventory would be $2,860
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