Question
The annual inventory of The Bike Shop Inc. shows the following information for mountain bikes: DATE QUANTITY COST TOTAL January 15 Beginning Inventory 80 $126
The annual inventory of The Bike Shop Inc. shows the following information for mountain bikes:
| DATE | QUANTITY | COST | TOTAL | |
| January 15 | Beginning Inventory | 80 | $126 | $10,080 |
| March 20 | Purchase | 30 | 120 | 3,600 |
| June 21 | Purchase | 20 | 126 | 2,520 |
| October 12 | Purchase | 15 | 122 | 1,830 |
| December 29 | Purchase | 10 | 122 | 1,220 |
| Total available for sale | 155 | $19,250 |
If 36 mountain bikes were on hand on December 31, what is the value of the ending inventory using the LIFO method of inventory pricing?
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Financial Accounting
Authors: Jeffrey Waybright, Robert Kemp
1st Edition
013606048X, 9780136060482
