Homework Answers
9.
As per LIFO, units purchased later, are charged to cost first.
Hence, ending inventory consists of the units purchased earlier.
Ending inventory = 360 units
Beginning inventory = 500 units
Hence, ending inventory of 360 units will consists of units from the beginning inventory.
Cost per unit = $9
Cost of ending inventory = Number of units sold x Cost per unit
= 360 x 9
= $3,240
First option is correct.
12.
| Units | Cost per unit | Total Cost |
| 150 | $6 | $900 |
| 350 | $7 | $2,450 |
| 500 | $3,350 |
Average cost per unit = Total cost/ number of units
= 3,350/500
= $6.70 per unit
Third option is correct.
Kindly comment if you need further assistance. Thanks‼!
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