Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following units of an inventory item were avai

The following units of an inventory item were available for sale during the year: ...

90.2K

Verified Solution

Question

Accounting

The following units of an inventory item were available for sale during the year:

Beginning inventory 12 units at $50
First purchase 19 units at $54
Second purchase 26 units at $55
Third purchase 13 units at $57

The firm uses the periodic inventory system. During the year, 48 units of the item were sold.

The value of ending inventory using LIFO is

a.$1,740

b.$600

c.$1,140

d.$1,440

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

Basic Math
1.2K views

Determine los extremos relativos de las siguientes funciones. Determine the relative extremes of the following functions f(x,y)=9-(x2+y2-2x+1)1/2   f(x,y)=y4-4y3+2x2+8xy

Advance Math
1.2K views

8) Use the Laplace transform to solve the given initial-value problem. y' − y = 2 cos(4t),  y(0) =...

Medical Sciences
1.2K views

According to the Anxiety and Depression Association of America, over 20% of Americans are diagnosed with...

Biology
1.2K views

What domesticated animal was native to the Americas Elephants Cats Cows

Physics
1.2K views

c 75 C d 0 C 9 A wall has two layers A and B...

Geometry
1.2K views

5 7 124 4 8 9 23 8 9 230 4 124 7 5 3...

Geometry
1.2K views

Use the following formula for problem 8 9 P A n S Total Sample Space...

Basic Math
1.2K views

0 10 1 2 11 3 www 12 13 4 5 14 15 16 he...

Accounting
1.2K views

Presented below is information related to Hale Corporation: Common Stock, $1 par $3,500,000 Paid-in Capital...

Accounting
1.2K views

Sheridan Enterprises sells a product for $109 per unit. The variable cost is $53 per...

Accounting
1.2K views

4. A business has the following budgeted financial data for next year: January production units...

Accounting
1.2K views

As a professional tax preparer in California, it is important that you are aware of...