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Accounting

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Question: Date Transaction # of Units Unit Cost TotalCost 1/1 Beg Balance 150 $30 $4,5...

Date

Transaction

# of Units

Unit Cost

Total Cost

1/1

Beg Balance

150

$30

$4,500

1/24

Purchase

70

33

2,310

2/22

Sale

(100)

-

-

3/7

Purchase

90

35

3,150

4/10

Purchase

140

36

5,040

6/11

Sale

(100)

-

-

9/28

Purchase

50

38

1,900

12/4

Sale

(100)

-

-

Q. What is the ending inventory under a LIFO periodic inventorysystem?

a. $10,500

b. $9,610

c. $7,290

Answer & Explanation Solved by verified expert
4.4 Ratings (566 Votes)

Correct answer---- c. $7,290

Units

Cost per unit

value

Beginning Balance

150

$    30.00

$   4,500.00

Purchases

70

$    33.00

$   2,310.00

90

$   35.00

$   3,150.00

140

$    36.00

$   5,040.00

50

$    38.00

$   1,900.00

500

$ 16,900.00

FIFO

Total Units Available for sale

500

Units Sold

300

Closing Stock in Units

200

Valuation

Ending Inventory

50

@

$     38.00

$    1,900.00

140

@

$     36.00

$    5,040.00

10

@

$     35.00

$        350.00

Value Of Ending Inventory

$    7,290.00

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