Using LIFO, what is the ending balance in inventory? Date 1/1/2011 Beginning Inventory 2/1/2011 Purchase 3/1/2011 Purchase Total Goods Available for Sale $4,800 O $8,400 $9,100 Source O $8,159 Units sold Units Purchased 1000 700 1,500 3,200 2500 Cost Per Unit $13 $9 $12 $20 Total Cost $13,000 $6,300 $18,000 $37,300
Using LIFO, what is the ending balance in inventory? Date 1/1/2011 Beginning Inventory 2/1/2011 Purchase 3/1/2011 Purchase Total Goods Available for Sale $4,800 O $8,400 $9,100 Source O $8,159 Units sold Units Purchased 1000 700 1,500 3,200 2500 Cost Per Unit $13 $9 $12 $20 Total Cost $13,000 $6,300 $18,000 $37,300
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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