Question
The following are inventory purchase and sales data for a company: Purchased on January 1:500 units, $8 cost per unit Purchased on January 16:100 units,
The following are inventory purchase and sales data for a company:
Purchased on January 1:500 units, $8 cost per unit
Purchased on January 16:100 units, $9 cost per unit
Sold on January 31:200 units, $10 selling price per unit
There was no inventory before the purchase made on January 1. Assume the company uses the LIFO method for inventory valuation.
What is the reported cost of ending inventory at the end of January?
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
11th Edition
111856667X, 978-1118566671
