Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis?

June 1 Beginning inventory 20 units @$76
5 Purchase 70 units @$80
14 Sale 25 units
21 Purchase 10 units @$88
30 Sale 40 units



Answers:

a) More information is needed.
b) $5,120
c) $2,720
d) $2,880

Any help is greatly appreciated.

Quote:

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Originally Posted by sweetkendra

Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis?

June 1 Beginning inventory 20 units @$76
5 Purchase 70 units @$80
14 Sale 25 units
21 Purchase 10 units @$88
30 Sale 40 units



answers:

a) More information is needed.
b) $5,120
c) $2,720
d) $2,880

Any help is greatly appreciated.

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oksale 25 for 80 dollars living 45 x 80 plus 20 x 76 then sell 10 units for 88 and 30 for 80 dollars livng a total of 15 units for 80 and 20 units for 76 equals 2,720