Question

Question 5 Not yet answered Points out of 1.00 Flag question Taurus Restaurant has the following inventory purchase and sales records from the last period. Calculate the ending inventory for the period using different methods and answer the following questions. Item: Potatoes Date Purchase Unit Cost Sales Units 5/1 BI 50 lbs. $1.50 50 lbs. 5/5 100 lbs. $2.00 30 lbs. 120 lbs. 5/8 50 lbs. 70 lbs. 5/10 50 lbs. $2.00 50 lbs. 70 lbs. 5/12 50 lbs. 20 lbs. 5/15 50 lbs. $2.50 25 lbs. 35 lbs. 5/17 50 lbs. $2.75 30 lbs. 65 lbs. 5/20 20 lbs. 45 lbs. | 5/25 50 lbs. $3.00 95 lbs. 15/30 25 lbs. 70 lbs. What is the Ending Inventory value for LIFO method? Select one: a. $115 b. $205 C. $672.50 o d. $902.50

Answer 1

I calculation of value of goods available. I Date Activities cenits Perhit Drost 5/1 Beginning 50lbs $1.50 $75 Inventory 515 Purchases. 100lbs $2.00. 200 5/10 Purchases 50lbs $2.00 100 slis Purchases 50 cbs $250 125 5/17 Purchases 50 lbs $2.75 137.5' 5/25 Purchases 50 lbs $3.00 350 lbs $7875 che 2.0 150 cost available value = $787.5 calculation of ending Inventory: Total units available for sale = 350 lbs less: units sold (30+50 +50 + 50+25+7=280. 30+20+25 J Ending Inventory unit 70 cbs. rural cost 875 LIFO method = Ending inventory in pate Activitif units per unit 5/4 Beginning 50 (6) $1.5 Inventory 515 Purchases 2016 $2 Ending Inventory $40 $15 L OPTION > A >$115

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