Question
The following units of an inventory item were available for sale during the year: Unit Unit Cost Beginning inventory 10 $55 First purchase 29 60
The following units of an inventory item were available for sale during the year:
| Unit | Unit Cost | ||
| Beginning inventory | 10 | $55 | |
| First purchase | 29 | 60 | |
| Second purchase | 33 | 65 | |
| Third purchase | 15 | 70 | |
The firm uses the periodic inventory system. During the year, 64 units of the item were sold.
The value of ending inventory using LIFO is
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Accounting Information System
Authors: James A. Hall
7th Edition
978-1439078570, 1439078572
