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RJ Corporation has provided the following information about one of its inventory items: Date Transaction Number of Units Cost per Unit1/1 Beginning Inventory 530 $2,150 Purchase 880 $4,100 Purchase 1,300 $5,500 Purchase 950 $5,450 During the year, RJ sold 3,340 units
RJ Corporation has provided the following information about one of its inventory items:
Date Transaction Number of
Units Cost per Unit1/1 Beginning Inventory 530 $2,150
Purchase 880 $4,100
Purchase 1,300 $5,500
Purchase 950 $5,450
During the year, RJ sold 3,340 units.
What was ending inventory using the LIFO cost flow assumption?
Expert Solution
Computation of the ending inventory using LIFO cost flow assumption:-
Cost of goods sold = (950 * 5450) + (1300 * 5500) + (880 * 4100) + (210 * 2150)
= $5,177,500 + $7,150,000 + $3,608,000 + $415,500
= $16,387,000
Ending inventory = (530 - 210) * $2,150
= 320 * $2,150
= $688,000
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