A company had inventory on November 1 of 4 units at a cost of $16 each. On Novem
ID: 2502729 • Letter: A
Question
A company had inventory on November 1 of 4 units at a cost of $16 each. On November 2, they purchased 7 units at $27 each. On November 6 they purchased 5 units at $25 each. On November 8, 8 units were sold for $59 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
$253
$162
$944
$189
$172
A company has inventory of 14 units at a cost of $10 each on July 1. On July 5, they purchased 12 units at $13 per unit. On July 12 they purchased 20 units at $16 per unit. On July 15, they sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at July 15 after the sale?
$140
$132
$256
$272
$331
A company has inventory of 11 units at a cost of $10 each on September 1. On September 5, they purchased 5 units at $14 per unit. On September 12 they purchased 19 units at $16 per unit. On September 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at September 15 after the sale?
$106
$304
$80
$560
$256
Please and Thank You.
Explanation / Answer
A company had inventory on November 1 of 4 units at a cost of $16 each. On November 2, they purchased 7 units at $27 each. On November 6 they purchased 5 units at $25 each. On November 8, 8 units were sold for $59 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
The value of the inventory on November 8 after the sale = 4*16+4*27 =$ 172
$172
A company has inventory of 14 units at a cost of $10 each on July 1. On July 5, they purchased 12 units at $13 per unit. On July 12 they purchased 20 units at $16 per unit. On July 15, they sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at July 15 after the sale?
the value of the inventory at July 15 after the sale = 16*16 =256
$256
A company has inventory of 11 units at a cost of $10 each on September 1. On September 5, they purchased 5 units at $14 per unit. On September 12 they purchased 19 units at $16 per unit. On September 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at September 15 after the sale?
the value of the inventory at September 15 after the sale = 5*16 = $80
$80
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