Question

Question 9 0.5 pts PES Spice Incorporated has the following inventory data: Nov. 1 Inventory 30 units for $5.20 per unit 8 Purchase 150 units for $5.00 per unit 17 Purchase 70 units for $5.40 per unit Purchase 50 units for $5.10 per unit A physical count of merchandise inventory on November 30 reveals that there are 105 units on hand. Ending inventory under LIFO and a periodic inventory system is

Answer 1

* Calculation in Irro Last in first out as the name Swane - Nome To this method the goods that are Purchaled last are Jupposed to be sold Firsto go the goods in ending inventory are the goods that are purchased earlier in the business arliest inventory a of Nov 1 I zounits X 95.20 = 8 156 Remaing 75 units from Nov 8 1 75 units X 85.00 = 8 375 Cost of 105 units in ending Inventory & 531 There are total los units in Endling Inventory of these 30 units are from Nov 1 and remaining 75 units are from Nous. 50 units from NON 25, 70 units from Nou 17 and 75 units from Nou 8 are sold as it Sales goods which are purchased last are sold first so demaing 105 units are from Nous and Novi. Thank you