FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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Question

Lauer Corporation uses the periodic inventory system and the
following information about their laptop computer is available:

Date

Transaction

Number of Units

Cost per Unit

1/1

Beginning
Inventory

100

$800

5/5

Purchase

200

$900

8/10

Purchase

300

$1,000

10/15

Purchase

200

$1,050

During the year, 750 laptop computers were sold.
What was ending inventory and cost of goods sold on 12/31 under the FIFO cost
flow assumption?

A.

$60,000 and $710,000

B.

$52,500 and $717,500

C.

$52,000 and $718,000

D.

None of the answers is correct

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