Venus Wholesale Co. started carrying a new product in December. Purchases and sa

Question

Venus Wholesale Co. started carrying a new product in December. Purchases and sales of this product during the month were: Dec. 20 Purchased 240 units at $94 per unit. Dec. 26 Sold 220 units. Dec. 28 Purchased 240 units at $105 per unit. 5. Assuming the LIFO flow assumption is in use, the perpetual inventory records will indicate an ending inventory of this product of: $27,280. $27,080. $22,560. $24,660. NOTE: Venus Wholesale Co. started carrying a new product in December. Purchases and sales of this product during the month were: Dec. 20 Purchased 240 units at $94 per unit. Dec. 26 Sold 220 units. Dec. 28 Purchased 240 units at $105 per unit.

Explanation / Answer

Venus Wholesale Co. started carrying a new product in December. Purchases and sales of this product during the month were: Dec. 20 Purchased 240 units at $94 per unit. Dec. 26 Sold 220 units. Dec. 28 Purchased 240 units at $105 per unit. 5. Assuming the LIFO flow assumption is in use, the perpetual inventory records will indicate an ending inventory of this product of:

$27,280.

$27,080--------------.ANSWER

$22,560.

$24,660.

=240 X105=25200+1880=$27,080.

20 X94=1880

NOTE: Venus Wholesale Co. started carrying a new product in December. Purchases and sales of this product during the month were:

Dec. 20 Purchased 240 units at $94 per unit.

Dec. 26 Sold 220 units.

Dec. 28 Purchased 240 units at $105 per unit.

Related Questions

Navigate

• Browse (All)
• Browse V
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.