After the sale on June 14 what is Red Rover,s cost of the merchandise inventory on hand, assuming that Red Rover uses LIFO? (Reference Question 3 information).
Homework Answers
Ans:
Option:C.$1004 is Correct Answer
Explanation
Cost of goods sold on June 14=Beginning Inventory +Purchases-Ending
Inventory
=(52*17)+(8*15)
=1004
Option:A.$510 is Correct Answer
Explanation
Cost of Merchandise Inventory on Hand on June 14=Opening
+Purchases-Cost of goods sold
=(52*17)+(42*15)-(52*17 + 8*15)
=1514-1004
=510
Option:$578 is Correct Answer
Explanation
Cost of the merchandise inventory on hand using LIFO=Opening
+Purchases-Cost of goods sold
=(52*17)+(42*15)-(42*15 + 18*17)
=1514-936
=578
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