Asked by james
A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If sales were 700 units, what is the value of the ending inventory using LIFO? Note: LIFO, last-in, first-out represents that the last produced will be the first shipped. (Show your work/calculations/formulas)
Answers
Answered by
helper
Beg. Inventory---300 units---11 ea--$3300
Produced---------650 units---12 ea--$7800
Total------------950 units--------$11,100
SOLD--LIFO (Last-in-first-out)
From Beg. Inv----50 units--11 ea---$550
From Produced---650 units--12 ea--$7800
Total-----------700 units---------$8350
Ending Inventory
Beg. Inv Left--250 units---11 ea--$2750
Produced Left----0 units---12 ea---$0
Total Ending Inventory------------$2750
Hope this lines up that you can read this.
Produced---------650 units---12 ea--$7800
Total------------950 units--------$11,100
SOLD--LIFO (Last-in-first-out)
From Beg. Inv----50 units--11 ea---$550
From Produced---650 units--12 ea--$7800
Total-----------700 units---------$8350
Ending Inventory
Beg. Inv Left--250 units---11 ea--$2750
Produced Left----0 units---12 ea---$0
Total Ending Inventory------------$2750
Hope this lines up that you can read this.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.