Question 5 2 pts Connelly Inc. is a wholesaler of office supplies that began ope

Question

Question 5 2 pts Connelly Inc. is a wholesaler of office supplies that began operations in 2017. The activity for Model Il calculators during 2017 is shown below. (A year-end physical inventory indicates 4,000 Model IlI calculators on hand.) Date Transaction Purchase Purchase Sales Purchase Sales Purchase Units 2,000 3,000 2,600 3,800 3,400 1.200 Cost $36.00 $37.00 August 1 September 7 September 12 November 21 December 22 December 29 $38.00 $40.00 If Connelly Inc. uses a LIFO perpetual inventory system, the ending inventory of Model II calculators at December 31 is reported as $146.00 $150,00 $154,000 $154,400

Explanation / Answer

Date Transactions Units Rate $ Amount $ 1-Aug Purchases               2,000                        36            72,000 7-Sep Purchases               3,000                        37          111,000 12-Sep Sales ( Cost of goods sold )              (2,600)                        37          (96,200) 21-Nov Purchases               3,800                        38          144,400 22-Dec Sales ( Cost of goods sold )              (3,400)                        38        (129,200) 29-Dec Purchases               1,200                        40            48,000 31-Dec Ending inventory               4,000          150,000 Value of ending ivnentory as at December 31 is $ 150,000

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