40% Mon 5:39 PM a )E and The following lots of a particular commodity were avail

Question

40% Mon 5:39 PM a )E and The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at First purchase Third purchase The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year. What is the amount of inventory at the 19 units at $53.00 53 units at $59.00 16 units at $60.00 end of the year according to the LIFO method? Select the correct ansr $5,614.00 $1,609.00 $1,404.00 $1,421.00 Previous Next 30

Explanation / Answer

Option D is the answer  

When calculating cost of inventory using LIFO,start with beginning inventory units and come downward upto number of units in the inventory

Cost of inventory =(10 units x $52) +(17 units x 53)

= 520 + 901

=$1,421

Related Questions

Navigate

• Browse (All)
• Browse 4
• Subjects

---

---

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