Use the following data of Makrel ?Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning inventory 18 $6 $108 Purchase on Apr 25 35 7 245 Purchase on Nov 16 13 10 130 Sales 45 ? ? MakrelMakrel ?Sales'...

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Question

Accounting

Use the following data of Makrel ?Sales, Inc.:
Unit
Total
Units
Units
Cost
Cost
Sold
Beginning inventory
18
$6
$108
Purchase on Apr 25
35
7
245
Purchase on Nov 16
13
10
130
Sales
45
?
?
MakrelMakrel
?Sales' LIFO cost of ending inventory would be
A.$186.
B.$129.
C.$154.
D.$450.

Answer & Explanation Solved by verified expert

4.5 Ratings (963 Votes)

In Lifo method the goods which are included in inventory are sold first.

IN this question ending inventory = (18 + 35 + 13) – 45

= 66 – 45

= 21

Cost of ending inventory = (18* 6) + (3* 7)

= 108 + 21

= 129

SO cost of ending inventory using LIFO is $129.

Correct option is B

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Use the following data of Makrel ?Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning inventory 18 $6 $108 Purchase on Apr 25 35 7 245 Purchase on Nov 16 13 10 130 Sales 45 ? ? MakrelMakrel ?Sales'...

Free

60.1K

Verified Solution

Question

Accounting

Use the following data of Makrel ?Sales, Inc.:
Unit
Total
Units
Units
Cost
Cost
Sold
Beginning inventory
18
$6
$108
Purchase on Apr 25
35
7
245
Purchase on Nov 16
13
10
130
Sales
45
?
?
MakrelMakrel
?Sales' LIFO cost of ending inventory would be
A.$186.
B.$129.
C.$154.
D.$450.

Answer & Explanation Solved by verified expert

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		Unit	Total	Units
	Units	Cost	Cost	Sold
Beginning inventory	18	$6	$108
Purchase on Apr 25	35	7	245
Purchase on Nov 16	13	10	130
Sales	45	?	?

Use the following data of Makrel ?Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning inventory 18 $6 $108 Purchase on Apr 25 35 7 245 Purchase on Nov 16 13 10 130 Sales 45 ? ? MakrelMakrel ?Sales'...

Free

60.1K

Verified Solution

Question

Accounting

Use the following data of Makrel ?Sales, Inc.:UnitTotalUnitsUnitsCostCostSoldBeginning inventory18$6$108Purchase on Apr 25357245Purchase on Nov 161310130Sales45??MakrelMakrel?Sales' LIFO cost of ending inventory would beA.$186.B.$129.C.$154.D.$450.

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Membership Benefits:

Transcribed Image Text

Other questions asked by students

Use the following data of Makrel ?Sales, Inc.:
Unit
Total
Units
Units
Cost
Cost
Sold
Beginning inventory
18
$6
$108
Purchase on Apr 25
35
7
245
Purchase on Nov 16
13
10
130
Sales
45
?
?
MakrelMakrel
?Sales' LIFO cost of ending inventory would be
A.$186.
B.$129.
C.$154.
D.$450.