Question
Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 385 qts. @ $4.10 per quart on April 1.
Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 385 qts. @ $4.10 per quart on April 1.
| Purchases: | Sales: | ||||||||
| Apr. 10 | 585 | qts | @ | $ | 4.20 | Apr. 3 | 370 | qts | |
| Apr. 14 | 485 | qts | @ | $ | 4.30 | Apr. 12 | 585 | qts | |
| Apr. 20 | 485 | qts | @ | $ | 4.35 | Apr. 26 | 385 | qts | |
The ending inventory assuming LIFO and a periodic inventory system is: (Round your final answer to two decimal places.)
Multiple Choice
-
$2,586.50.
-
$2,521.50.
-
$2,481.50.
-
$2,591.50.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Comparative international accounting
Authors: Christopher nobes, Robert parker
9th Edition
273703579, 978-0273703570
