Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. loyola enterprises reports the following inventory

Loyola Enterprises reports the following inventory information for the current year. Under the LIFO perpetual...

50.1K

Verified Solution

Question

Accounting

Loyola Enterprises reports the following inventory information for the current year. Under the LIFO perpetual method, Loyola Enterprises' total cost of ending inventory is $3,000 and the cost of goods sold for the year is $23,800. Determine whether there is a LIFO liquidation:

image

There ______ (is/is not) a LIFO liquidation in this case because the ______ units purchased or produced are ______ (less than/greater than/the same as) the ____ units sold. The ______ units in ending inventory are ____ (greater than/less than) the _____units in beginning inventory.

LIFO Inventory Unit Cost X Units Total Cost Description Beginning inventory: January 1 First layer $ 12 x 850 $ 10,200 9,100 700 Second layer $ 13 x 1,550 $ 19,300 Total beginning inventory Purchases or Production: 500 $ 15 x 7,500 August 31 $ 26,800 Cost of goods available for sale Units sold on December 1 at $13.30 2,050 (1,800) 250 Ending inventory: December 31

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

Biology
1.2K views

Answer all 3 your own words don t copy the answer off the internet 1...

Physics
1.2K views

Problem 6 10 points Bonus Air flows adiabatically through a frictional variable area duct divergent...

Geometry
1.2K views

Eden is cutting two triangular tiles for her bathroom She needs the tiles to be...

Geometry
1.2K views

Find the area of the figure Sides meet at right angles 7 ft 8 ft...

Geometry
1.2K views

J 12 P OOO0 14 A 8 B C C K 15 18 6 L...

Basic Math
1.2K views

consider equation E x y N We Suppose that xy is a caple solutias of...

Calculus
1.2K views

oof Use an algebraic degree measure The measure

Calculus
1.2K views

Local Maximum or Minimum on an Interval f x 2x 9x 4 x 6x 3...

Accounting
1.2K views

A company prodce and sells 25000 units of products X each year. The company has...

Accounting
1.2K views

EX 6-19 Break-even chart Name the following chart, and identify the items represented...

Accounting
1.2K views

Sarasota Corp. uses a periodic inventory system and reports the following for the month of...

Accounting
1.2K views

Suppose that a company offers quantity discounts. If up to 1,000 units are purchased, the...