Only answer. A company had inventory on November 1 of 5 units at a cost of...

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Question

A company had inventory on November 1 of 5 units at a cost of $30 each. On November 2, they purchased 20 units at $32 each. O

A company purchased a new delivery van at a cost of $50,000 on July 1. The delivery van is estimated to have a useful life of

Only answer.

Answer 1

Answer #1

1) Answer is $726

Total units= 5+20+16= 41 units

Sales units= 18 units

Ending units= 41-18= 23 units

Using LIFO perpetual method, the value of inventory on November 8 after the sale= (5*$30)+(18*$32)= $726

So, the answer is option C) $726

2) Answer is $9240

Depreciation expense under straight line method= (Original cost-Salvage value)/Estimated useful life

= $(50000-3800)/5

= $9240

So, the answer is option C) $9240

Answer 2

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