Assume that Wally World uses a perpetual LIFO inventory system. Its ending inventory consists of 13...
Assume that Wally World uses a perpetual LIFO inventory system. Its ending inventory consists of 13 units. Calculate the dollar value of its ending inventory.
|
Jan 1 |
Beginning Inventory |
10 @ $12 |
|
Jan 5 |
Purchase |
10 @ $15 |
|
Jan 30 |
Purchase |
10 @ $18 |
|
Feb 8 |
Sale |
17 units |
Homework Answers
As per LIFO;ending inventory would be=(3 units@$15)+(10 units@$12)
=$165
NOTE:
As per LIFO;goods purchased last are sold off first.Hence 17 unit sold would consist of 10 units of Jan 30 purchase and the balance (17-10)=7 units of Jan 5 purchases.
Hence ending inventory would consist of (10-7)=3 units of Jan 5 purchases and 10 units of beginning inventory.
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