Question
The inventory records for Barts Inc. indicate the following activity for the month of January: January 1 balance, 1000 units @ $7.20 each Purchases: January
The inventory records for Barts Inc. indicate the following activity for the month of
January:
January 1 balance, 1000 units @ $7.20 each
Purchases:
January 10: 600 units @ $7.25 each
January 16: 800 units @ $7.30 each
January 23: 600 units @ $7.35 each
Sales:
January 5: 400 units
January 14: 700 units
January 20: 500 units
January 26: 700 units
January 31st ending inventory using unit LIFO in a periodic inventory system is:
A) $5,040
B) $5,055
C) $5,075
D) $5,135
January 31st ending inventory using unit LIFO in a perpetual inventory system is:
A) $4,960
B) $5,060
C) $5,080
D) $5,140
January 31st ending inventory using FIFO in a perpetual inventory system is:
A) $5,140
B) $5,080
C) $5,060
D) $5,050
January 31st ending inventory using average cost (rounding unit cost to three
decimal places) in a periodic inventory system is:
A) $5,087
B) $5,107
C) $5,077
D) $5,005
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