Ramirez Room & Interiors keeps a separate inventory account for antique brass co
ID: 2396208 • Letter: R
Question
Ramirez Room & Interiors keeps a separate inventory account for antique brass coat hooks that can be attached to the rear of a door. If the following transactions occurred during the first quarter of 2012, what would be the quantity and inventory value of coat hooks at the end of the quarter using the LIFO valuation method?
360 for $28.25
650 for $8,450
238 units for $3,194.00
238 units for $3,405.75
Date Goods Purchsed CGS QTY Bal Dollar Bal Jan 01 Beginning Balance 650 @ $13 $8,450 Jan 20 212 units Feb 14 110 @ $14 Feb 28 390 units Mar 20 250 @ $14.25 Mar 30 170 units Mar 31 Ending Balance ? ?Explanation / Answer
Inventory units = 650+110+250-212-390-170= 238 Inventory value = (250-170)*14.25+(158*13)= $3194 Option C is correct
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.