Castle TV, Inc. purchased 1,000 monitors on January 5 at a per-unit cost of $185, and...
Castle TV, Inc. purchased 1,000 monitors on January 5 at a per-unit cost of $185, and another 1,000 units on January 31 at a per-unit cost of $230. In the period from February 1 through year-end, the company sold 1,800 units of this product. At year-end, 200 units remained in inventory. Assume that Castle TV, Inc. uses the LIFO flow assumption.
The cost of the 200 units in the year-end inventory is: a) 37000 b) 46000 c) 41500 d) 83000
Homework Answers
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Under lifo, latest units are sold first. So ending inventory belongs to first available units Cost of inventory = 200*185 = 37,000 Option A is the answer |
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