A company's inventory records show the following data for the month of January. Date...

60.1K

Verified Solution

Question

Accounting

A company's inventory records show the following data for the month of January.
Date Activities Units Acquired at Cost Units Sold at Retail
January 1 Beginning inventory 270 units @ $9= $2,430
January 5 Purchase 260 units @ $10= $2,600
January 9 Sale 390 units @ $35
January 14 Purchase 290 units @ $11= $3,190
January 20 Sale 240 units @ $35
January 30 Purchase 320 units @ $12= $3,840
If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students