All categories

2 years ago

Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis

Business

1 answer:

Pani-rosa [81]2 years ago

5 0

The amount allocated to ending inventory is $3664.

LIFO is an inventory method that means last in, first out. It means that it is assumed that the latest inventory that is sold, is the first to be sold. Ending inventory is made up of inventory that is purchased eelier.

Total inventory sold = 40 + 26 = 68 units
Sum of total inventory bought and beginning inventory = 10 + 60 + 30 = 100
Ending inventory = 100 - 68 = 32
Value of ending inventory = (22 x $112) + (10 x $120)

$2464 + $1200 = $3664

Please find attached the image used in answering this question. A similar question was answered here: ttps://brainly.com/question/13763849

You might be interested in

The Laffer curve shows the relationship between tax rates and ____________ and depicts the benefits of cutting taxes when tax ra

MrMuchimi

Answer: tax revenue

Explanation:

The Laffer Curve was developed by Arthur Laffer and it depicts the relationship that exists between the tax rates and tax revenue.which the government collects.

The curve is typically used to show that there can be an increase in the total revenue for an economy when the tax rate is reduced.

7 0

2 years ago

Can a manager yell at employees in front of customers answers

Setler [38]

Can you yell at your kids infront of other people. The answer is yes :)

5 0

3 years ago

Tom is the beneficiary and is concerned about both running out of money during his lifetime and at the same time leaving funds b

fredd [130]

Answer:

lifetime annuity with period certain settlement option

Explanation:

Based on the specifications that Tom is looking for, he should consider the lifetime annuity with period certain settlement option. This is an annuity that pays a benefit to the annuitant until death, but with a period certain option, the estate's beneficiary will continue to receive annuity payments until the specified timeframe of the period certain expires. Which would meet the requirements that Tom is looking for.

4 0

3 years ago

The PE ratio: Assuming Net Income for the year is $250,000, what is the net cash flows from operating activities given the follo

solmaris [256]

Answer:

Net operating cash flow = $189,250

Explanation:

Particulars Amount$

Net income 250,000

Add:depreciation expense 9,500

Add:loss on sale of asset 1,250

Add:increase in salary payable 19,500

Less:increase in prepaid rent (27,500)

Add:increase in AP 29,500

Less:increase in inventory <u>(93,000)</u>

Net operating cash flow <u>$189,250</u>

4 0

3 years ago

MC Qu. 22 Selected information from the accounting... Selected information from the accounting records of Dunn's Auto Dealers is

dlinn [17]

Answer:

($23,000)

Explanation:

Cash flow from Investing Activities

Purchase of furniture ($ 8,000)

Proceeds from sale of Equipment $5,000

Investment in other companies ($20,000)

Net Cash used by Investing Activities ($23,000)

Notes :

Cash flow from Investing activities section of the cash flows statement shows the cash movement in acquisition of assets and sale of assets.

4 0

3 years ago