Marsh Company had 150 units of product A on hand at January 1, year 2, costing...
Marsh Company had 150 units of product A on hand at January 1, year 2, costing $21 each. Purchases of product A during the month of January were as follows:
|
Units |
Unit cost |
|||
|---|---|---|---|---|
|
Jan. 10 |
200 | $22 | ||
|
18 |
250 | 23 | ||
|
28 |
100 | 24 |
A physical count on January 31, year 2, shows 250 units of product
A on hand. The cost of the inventory at January 31, year 2, under
the LIFO method is
1. $5,850
2. $5,550
3. $5,350
4. $5,250
Homework Answers
|
Cost of inventory under lifo (250 units) = (150*21) + (250-150)*22 = 3150 + 2200 = 5350 Option 3 is the answer |
|
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