Given the following information, determine the cost of the inventory at June 30 using the LIFO...
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. June 1 Beginning inventory 15 units at $20 each June 15 Sale of 6 units for $50 each June 29 Purchase 8 units at $25 each The cost of the ending inventory is:
$200
$220
$380
$275
$300
Homework Answers
$380
Inventory at the beginning = 15 x $20 = $300
Inventory on 15th June after sale = (15-6) x $20 = $180
Inventory on 30th June = (9 x $20) + (8 x $25) = $380
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail | ||||
| Jun. 1 | Beginning inventory | 15 units @ $29 | = | $ | 435 | ||
| Jun. 15 | Sale | 6 units @ $59 | |||||
| Jun. 29 | Purchase | 8 units @ $34 | = | $ | 272 | ||
The cost of the ending inventory is:
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