derioncapers2346
27.10.2020 •
Business
July 1 Beginning Inventory 35 units at $130 5 Purchases 240 units at $113 14 Sale 150 units 21 Purchases 140 units at $120 30 Sale 160 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?
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Ответ:
Total ending inventory= $12,460
Explanation:
Giving the following information:
July 1 Beginning Inventory 35 units at $130
July 5 Purchases 240 units at $113
July 14 Sale 150 units
July 21 Purchases 140 units at $120
July 30 Sale 160 units
To calculate the ending inventory under the LIFO (last-in, first-out), we need to use the cost of the firsts units incorporated into inventory after each sale.
Ending inventory:
July 1= 35*130= $4,550
July 5= (240 - 150 - 20)*113= $7,910
July 21= (140 - 160)= 0
Total ending inventory= $12,460
Ответ:
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Explanation: