Rally Wheels Company had the following balances and transactions during? 2018:
Beginning Merchandise Inventory as of January? 1, 2018 |
150 units at $73 |
March 10 |
Sold 50 units |
June 10 |
Purchased 1450 units at$77 |
October 30 |
Sold 150 units |
What would the? company's ending merchandise inventory cost be on December? 31, 2018 if the perpetual inventory system and the last??in, first?out inventory costing method are? used?
1 $45,600
2 $30,400
3 $34,650
4 $15,200
Correct answer---------2 $30,400
Working
I have taken June 10 Purchase to be 450 units not 1450 units. I am assuming its an error.
LIFO | |||||||||
Purchases | Sales | Balance | |||||||
Units | Rate | Amount | Units | Rate | Amount | Units | Rate | Amount | |
1-Mar | 150 | $ 73.00 | $ 10,950.00 | ||||||
10 March.. | 50 | $ 73.00 | $ 3,650.00 | 100 | $ 73.00 | $ 7,300.00 | |||
10 June… | 1450 | $ 77.00 | $ 111,650.00 | 100 | 73 | $ 7,300.00 | |||
450 | 77 | $ 34,650.00 | |||||||
Oct 30.. | 150 | $ 77.00 | $ 11,550.00 | 100 | $ 73.00 | $ 7,300.00 | |||
300 | $ 77.00 | $ 23,100.00 |
Ending Inventory = 7300+23100.=$30400
Rally Wheels Company had the following balances and transactions during? 2018: Beginning Merchandise Inventory as of...
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