FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Inventory
Date Quantity Unit Cost Total Cost
Mar. 1
850
$98
$83,300
1,275
$95
$121,125
Mar. 8
650
$98
$63,700
Mar. 11
325
$98
$31,850
Mar. 14
325
$98
$31,850
780
$103
$80,340
Mar. 22
260
$98
$25,480
Mar. 25
260
$98
$25,480
1,800
$100
$180,000
Study the inventory record for March and answer the questions that follow.
1. Assuming that the product sells for $155 and that 85% of sales are on account, determine the gross profit from sales for March.
2. Making the same assumptions as in (1), determine the ending inventory cost for March. $
3. Which inventory method is being used? LIFO
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