A company had inventory on November 1 of 7 units at a cost of $11 each. On Novem
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Question
A company had inventory on November 1 of 7 units at a cost of $11 each. On November 2, they purchased 12 units at $12 each. On November 6, they purchased 8 units at $14 each. On November 8, 10 units were sold for $23 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
A company had inventory on November 1 of 7 units at a cost of $11 each. On November 2, they purchased 12 units at $12 each. On November 6, they purchased 8 units at $14 each. On November 8, 10 units were sold for $23 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
Explanation / Answer
Date qty cost p.u total Nov-01 7 11 $77.00 Nov-02 12 12 $144.00 Nov-06 8 14 $112.00 Nov-08 -8 14 -$112.00 -2 12 -$24.00 Cost as per lifo $197.00
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