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Use the following data of Makrel ?Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning inventory 18 $6 $108 Purchase on Apr 25 35 7 245 Purchase on Nov 16 13 10 130 Sales 45 ? ? MakrelMakrel ?Sales'...

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Question

Accounting

Use the following data of Makrel ?Sales, Inc.:

Unit

Total

Units

Units

Cost

Cost

Sold

Beginning inventory

18

$6

$108

Purchase on Apr 25

35

7

245

Purchase on Nov 16

13

10

130

Sales

45

?

?

MakrelMakrel

?Sales' LIFO cost of ending inventory would be

A.$186.

B.$129.

C.$154.

D.$450.

Answer & Explanation Solved by verified expert
4.5 Ratings (963 Votes)

In Lifo method the goods which are included in inventory are sold first.

IN this question ending inventory = (18 + 35 + 13) – 45

                                                                = 66 – 45

                                                                 = 21

Cost of ending inventory = (18* 6) + (3* 7)

                                            = 108 + 21

                                              = 129

SO cost of ending inventory using LIFO is $129.

Correct option is B
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Transcribed Image Text

Use the following data of Makrel ?Sales, Inc.:UnitTotalUnitsUnitsCostCostSoldBeginning inventory18$6$108Purchase on Apr 25357245Purchase on Nov 161310130Sales45??MakrelMakrel?Sales' LIFO cost of ending inventory would beA.$186.B.$129.C.$154.D.$450.

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