Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. niles co. has the following data related to an ite

Niles Co. has the following data related to an item of inventory: Inventory, March 1...

70.2K

Verified Solution

Question

Accounting

Niles Co. has the following data related to an item of inventory:

Inventory, March 1 100 units @ $4.20

Purchase, March 7 350 units @ $4.40

Purchase, March 16 70 units @ $4.50

Inventory, March 31 130 units

The value assigned to ending inventory if Niles uses FIFO is

a. $579.

b. $552.

c. $1,723.

d. $1,696.

The value assigned to ending inventory if Niles uses LIFO is

a. $579.

b. $552.

c. $546.

d. $585.

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Why naphthalene is less aromatic than benzene? ** Please give a detailed explanation for this answer....

Chemistry
Q

Metlock Corporation was organized on January 1, 2017. It is authorized to issue 10,400 shares of...

Accounting
Q

In a young s double slit experiment fringe width equal to 1 mm is observed...

Physics
Q

A piece of copper and another of germanium are cooled from room temperature to 80...

Physics
Q

An equation for the line tangent to the graph of the differentiable statements function fat...

Calculus
Q

J and g given by the following graph 6 2 19 6 8 10 12...

Calculus
Q

please help with more detailed answers. discussion is about planning opportunities with organizing corporations: Sarah...

Accounting
Q

E5-2 Information related to Duffy Co. is presented below. 1. On April 5, purchased merchandise...

Accounting
Q

1) Assume (1) a companys plantwide predetermined overhead rate is $13.00 per direct labor-hour, and...

Accounting
Q

The Juarez Corporation incurred the following transactions during its first year of operations. (Assume all...

Accounting
Q

EVERYTHING IS ONE PROBLEM SO PLEASE ORGANIZE Magic Realm, Incorporated, has developed a new...

Accounting
Q

Canvas a firm has a debt-equity ratio exactly equal to 1. net income is greater...

Finance