Exercise 8-12 (Part Level Submission) Waterway Company was formed on December 1,

Question

Exercise 8-12 (Part Level Submission)

Waterway Company was formed on December 1, 2016. The following information is available from Waterway’s inventory records for Product BAP.

ment Exercise 8-12 (Part Level Submission) Waterway Company was formed on December 1, 2016. The following information is available from Waterway's inventory records for Product BAP. Units Unit Cost January 1, 2017 (beginning inventory) Purchases 606 $9.00 January 5, 2017 January 25, 2017 February 16, 2017 March 26, 2017 1,212 1,313 808 606 10.00 11.00 12.00 13.00 A physical inventory on March 31, 2017, shows 1,616 units on hand

Explanation / Answer

b) Under LIFO,it is assumed that goods purchased last are sold first. It means that ending inventory consists of old stock Computation of inventory for product BAP under LIFO Inventory method Units Unit cost Total Beginning inventory 606 9 5454 From Jan 5 purchase 1010 10 10100 (1616-606) Ending inventory 1616 15554

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

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