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Advocard [28]
2 years ago
12

A company purchased 10 units for $5 on January 3. It purchased 10 units for $7 each on February 28. It sold 10 units on March 1.

If the company uses the last in, first out (LIFO) inventory costing method, what is the dollar amount for ending inventory on the December 31 balance sheet, assuming that the company uses a perpetual inventory system
Business
1 answer:
NeTakaya2 years ago
3 0

Answer:

The dollar amount for ending inventory using the last-in-first-out method of inventory valuation is $50

Explanation:

Using LIFO,last-in-first-out  method of inventory valuation,items received last into the store are deemed to be sold first, hence the sales of 10 units on March 1 was the inventory purchased on February 28, leaving the items of inventory purchased on January 3 as closing inventory

value of closing inventory using LIFO=10*$5=$50

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The following selected information is from Princeton Company’s comparative balance sheets. At December 31 2017 2016 Common stock
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Answer:

Princeton Company

The T-accounts are attached.

Explanation:

They can also be obtained as follows:

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Answer:

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