Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following amounts and costs of platters were available for sale by Colorado Pottery during 2019: Beginning inventory 10 units at $164 First purchase 15

The following amounts and costs of platters were available for sale by Colorado Pottery during 2019:

Beginning inventory 10 units at $164
First purchase 15 units at $220
Second purchase 30 units at $280
Third purchase 25 units at $260

Colorado Pottery, which uses a periodic inventory system, has 35 platters on hand at the end of the year.

What is the dollar amount of inventory at the end of the year according to the last-in, first-out cost method?

Group of answer choices

a. $7,740

b. $ 7,440

c. $ 8,900

d. $9,300

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

From Zero To Zen Secret Keys To Nurturing Your Numbers And Finding Financial Flow

Authors: Liz Lajoie

1st Edition

1683507045, 978-1683507048

More Books

Students also viewed these Accounting questions

Question

4) Compute the covariance between Y and Z.

Answered: 1 week ago