Question
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $25 Apr. 4 Purchase 15
The units of an item available for sale during the year were as follows:
| Jan. 1 | Inventory | 10 units at $25 |
| Apr. 4 | Purchase | 15 units at $24 |
| May 20 | Purchase | 20 units at $28 |
| Oct. 30 | Purchase | 18 units at $30 |
There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used.
Determine the ending inventory cost using LIFO. $
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Core Concepts Of Information Technology Auditing
Authors: James E Hunton, Stephanie M Bryant, Nancy A Bagranoff
1st Edition
0471222933, 9780471222934
