Inventory information for Part 311 of Splish Corp. discloses the following infor

Question

Inventory information for Part 311 of Splish Corp. discloses the following information for the month of June.
June 1 Balance 301 units @ $12 June 10 Sold 197 units @ $29 11 Purchased 803 units @ $14 15 Sold 500 units @ $30 20 Purchased 502 units @ $16 27 Sold 297 units @ $32 Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?
The ending inventory at LIFO Inventory information for Part 311 of Splish Corp. discloses the following information for the month of June.
June 1 Balance 301 units @ $12 June 10 Sold 197 units @ $29 11 Purchased 803 units @ $14 15 Sold 500 units @ $30 20 Purchased 502 units @ $16 27 Sold 297 units @ $32

Explanation / Answer

LIFO DATE Cost of goods available for sale Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Beginning Inventory 301 12 3612 10-Jun 197 12 2364 104 12 1248 11-Jun 803 14 11242 104 12 1248 803 14 11242 15-Jun 500 14 7000 104 12 1248 303 14 4242 20-Jun 502 16 8032 104 12 1248 303 14 4242 502 16 8032 27-Jun 297 16 4752 104 12 1248 303 14 4242 205 16 3280 994 14,116 612 8,770 Value of Ending inventory (612 units ) $ 8,770

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

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