Homework Answers
1) Solution: Resources increase by $9,000 and sources of income increase by $9,000
Explanation: Resources = Sources of Resources = $9,000
2) Solution: $252
Explanation:
|
Units |
Per unit cost |
||
|
Feb-01 |
Opening |
20 |
22 |
|
Feb-08 |
Purchase |
25 |
25 |
|
Feb-10 |
Sale |
36 |
55 |
|
Feb-21 |
Purchase |
40 |
27 |
|
Feb-26 |
Sale |
38 |
55 |
LIFO method:
Ending inventory cost: 2 units * $27 + 9 units * $22 = 54 + 198 = 252
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