Consider the following information for this question: September 1 &nb
Consider the following information for this question:
September 1 Inventory 10 @ $2.00
8 Purchased 40 @ $2.20
17 Purchased 20 @ $2.10
25 Purchased 30 @ $2.40
Units Sold: 70
ENDING INVENTORY (NOT Cost of Goods Sold) under LIFO method is (assume a periodic inventory system):
|
a. $222.00. |
||
|
b. $150.00. |
||
|
c. $154.00. |
||
|
d. $64.00. |
Homework Answers
ANSWER D. $64.00
ENDING INVENTORY (LIFO) = 100 UNITS ( 10 + 40 + 20 + 30) - 70 UNITS = 30 UNITS
SEPTEMBER 1 10 UNITS * $2 = $20
SEPTEMBER 8 20 UNITS * $2.20 = $44
TOTAL ENDING INVENTORY = $64 ( $20 + $44)
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Consider the following information for this
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September
1 &nb
Consider the following information for this question: September 1 &nb
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