Fill This Form To Receive Instant Help
Homework answers / question archive / Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 101 15 9 Sale 88 16 Purchase 130 8 25 Sale 80 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30
Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 101 15 9 Sale 88 16 Purchase 130 8 25 Sale 80 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30.
Add your answer
A
( 2 Points )
Computation of Inventory Value on November 30 using LIFO Method:
LIFO Basis: | |||||||||
Date | Purchases | Sales | Inventory Balance | ||||||
Units | Unit Cost | Total Cost | Units | Unit Cost | Total Cost | Units | Unit Cost | Total Cost | |
1-Nov | 101 | $15 | $1,515 | ||||||
9-Nov | 88 | $15 | $1,320 | 13 | $15 | $195 | |||
16-Nov | 130 | $8 | $1,040 | 13 | 15 | 195 | |||
130 | $8 | $1,040 | |||||||
25-Nov | 80 | $8 | $640 | 13 | 15 | 195 | |||
50 | $8 | $400 | |||||||
Total | 168 | $1,960 | 63 | $595 |