Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company's inventory records indicate the followi

A company's inventory records indicate the following data for the month of January: ...

80.2K

Verified Solution

Question

Accounting

A company's inventory records indicate the following data for the month of January:
Date Activities Units Acquired at Cost Units Sold at Retail
January 1 Beginning inventory 360 units @ $18= $6,480
January 8 Purchase 340 units @ $20= $6,800
January 12 Sale 600 units @ $70
January 17 Purchase 400 units @ $22= $8,800
January 23 Sale 300 units @ $70
January 28 Purchase 460 units @ $24= $11,040
If the company uses the LIFO periodic inventory system, what would be the cost of the ending inventory?
Multiple Choice
$6,600.
$15,040.
$12,480.
$18,080.
$20,640.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Which of the following is NOT a means for genetic diversification in bacteria A mutation...

Biology
Q

A person invests money in a savings account that pays 2.5% simple interest. After one...

Basic Math
Q

On what domain is the function f x m2 52 5 CHROMANE continuous

Calculus
Q

For the series problems, show ALL conditions required for the specified test for convergence or...

Calculus
Q

Question 15 of 16 Step 1 of 1 R Divide using the division algorithm Write...

Algebra
Q

1. Compare and contrast activity-based costing (ABC) and activity-based management (ABM). 2. A hospital can...

Accounting
Q

Zimmerman Company purchased a piece of manufacturing equipment for $36,000 on January 1, 2020. The...

Accounting
Q

Purchases and Cash Budgets On July 1, MTC Wholesalers had a cash balance of $125,000...

Accounting
Q

Prepare a schedule of expected cash collections from sales by month and in total for...

Accounting
Q

On July 28, 2017, Malden Cleaning Services signed a one-year contract with Bernard Crystal Palace...

Accounting
Q

In which of the following scenarios would the short-cut method be permissible? Multiple Cholce...

Accounting
Q

Claire Corporation is planning to issue bonds with a face value of $270,000 and a...

Accounting