Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Westcoast Purveyors had 325 computer system in stock at the end of the year. Inventory records show the following information: Date Qty Cost Total Cost
Westcoast Purveyors had 325 computer system in stock at the end of the year. Inventory records show the following information:
Date | Qty | Cost | Total Cost | |
---|---|---|---|---|
January 1 | Beginning Inventory | 50 | $1,458 | $72,900 |
June 21 | Purchase | 50 | 1,122 | 56,100 |
August 1 | Purchase | 300 | 954 | 286,200 |
October 23 | Purchase | 200 | 1,146 | 229,200 |
November 16 | Purchase | 100 | 1,494 | 149,400 |
Total available for sale | 700 | $793,800 |
Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory.
$
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started