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  3. 4. sylvia's designs co. had the following inventor

4. Sylvia's Designs Co. had the following inventoryactivity during April:UnitsUnitCostBeginning inventory...4. Sylvia's Designs Co....

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Question

Accounting

4. Sylvia's Designs Co. had the following inventoryactivity during April:

Units

Unit

Cost

Beginning inventory

100

$10

Purchase (April 3)

50

12

Sale (April 10)

80

Purchase (April 18)

40

14

Purchase (April 23)

60

15

Sale (April 28)

120

Assuming Sylvia's uses a perpetual LIFO cost flowassumption, ending inventory for April would be

a.

$ 750

b.

$2,560

c.

$ 500

d.

$2,310

Answer & Explanation Solved by verified expert
3.9 Ratings (674 Votes)

Answer: Correct Answer is (c) $500

Stock statement onLIFO basis
Purchase Sales Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Beg Inv            100 $10.00 $1,000
03-04              50 $12.00 $600.00            100 $10.00 $1,000
              50 $12.00 $600.00
10-04             50 $12.00 $600.00
            30 $10.00 $300.00               70 $10.00 $700.00
18-04              40 $14.00 $560.00               70 $10.00 $700.00
              40 $14.00 $560.00
23-Apr              60 $15.00 $900.00               70 $10.00 $700.00
              40 $14.00 $560.00
              60 $15.00 $900.00
28-Apr 60 $15.00 $900.00
40 $14.00 $560.00
20 $10.00 $200.00               50 $10.00 $500.00
           150                      200           120         1,660               50 $500.00

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Transcribed Image Text

In: Accounting4. Sylvia's Designs Co. had the following inventoryactivity during April:UnitsUnitCostBeginning inventory...4. Sylvia's Designs Co. had the following inventoryactivity during April:UnitsUnitCostBeginning inventory100$10Purchase (April 3)5012Sale (April 10)80Purchase (April 18)4014Purchase (April 23)6015Sale (April 28)120Assuming Sylvia's uses a perpetual LIFO cost flowassumption, ending inventory for April would bea.$ 750b.$2,560c.$ 500d.$2,310

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