Calculate ending inventory under LIFO
Under LIFO beginning inventory would be recognized as ending inventory
Ending inventory = (30*8+50*8.30) = $655
Correct Answer:
Ending Inventory |
80 |
units |
$ 704.00 |
Working:
Cost of Goods Available for sale |
||||
Units |
Cost per unit |
value |
||
Beginning Inventory |
01-Nov |
30 |
$ 8.00 |
$ 240.00 |
Purchases |
08-Nov |
120 |
$ 8.30 |
$ 996.00 |
Purchases |
17-Nov |
60 |
$ 8.70 |
$ 522.00 |
Purchases Return |
25-Nov |
90 |
$ 8.80 |
$ 792.00 |
Total |
300 |
$ 2,550.00 |
FIFO |
||||||
A |
Total Units Available for sale |
300 |
$ 2,550.00 |
|||
Units Sold |
220 |
|||||
Ending Inventory Units |
80 |
|||||
Valuation |
||||||
Cost of Goods Sold |
30 |
$ 8.00 |
$ 240.00 |
|||
120 |
$ 8.30 |
$ 996.00 |
||||
60 |
$ 8.70 |
$ 522.00 |
||||
10 |
$ 8.80 |
$ 88.00 |
||||
$ - |
||||||
$ - |
||||||
B |
Cost of Goods Sold |
220 |
units |
$ 1,846.00 |
||
A-B |
Ending Inventory |
80 |
units |
$ 704.00 |
End of answer.
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