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olga nikolaevna [1]
3 years ago
13

Based on the following information: Assume that Forrest Company uses the LIFO accounting method. In year X1, Forrest reported th

e following information:
Units Unit Cost Total Cost
Beginning Inventory (1/1/X1) 1,000 10 10,000
Purchases (year X1) 2,000 11 22,000
Year X1 Sales 1,500
Ending Inventory (12/31/X1) 1,500
Based on the above information, Forrest Company will report which of the following amounts for its LIFO Inventory on 12/31/X1?
a. $15,500
b. $16,000
c. $16,500
d. none of the above.
Business
1 answer:
Andru [333]3 years ago
8 0

Answer:

a. $15,500

Explanation:

Based on LIFO, cost of 1500 unit sold will be entirely from the Purchases (year X1). Therefore, we have:

Value of units purchases (year X1) outstanding after sales = (2,000 - 1,500) * $11 = 500 * $11 = $5,500

Therefore, we have

LIFO Inventory on 12/31/X1 = Value of beginning Inventory (1/1/X1) + $5,500 = $10,000 + $5,500 = $15,500.

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