Using LIFO, what is the ending balance in inventory?Date$4,8003/1/2011 PurchaseTotal Goods Available for SaleO $8,400Source1/1/2011 Beginning Inventory2/1/2011 Purchase$9,100O $8,159Units soldUnitsPurchased10007001,5003,2002500Cost PerUnit$13$9$12$20Total Cost$13,000$6,300$18,000$37,300

Name: Using LIFO, what is the ending balance in inventory?Date$4,8003/1/201
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Description: Using LIFO, what is the ending balance in inventory?Date$4,8003/1/2011 PurchaseTotal Goods Available for SaleO $8,400Source1/1/2011 Beginning Inventory2/1/2011 Purchase$9,100O $8,159Units soldUnitsPurchased10007001,5003,2002500Cost PerUnit$13$9$12$2

Ending inventory is the cost of items on hand at the end of a reporting period. For a corporation…

Business

Accounting

Using LIFO, what is the ending balance in inventory? Date 1/1/2011 Beginning Inventory 2/1/2011 Purchase 3/1/2011 Purchase Total Goods Available for Sale $4,800 O $8,400 $9,100 Source O $8,159 Units sold Units Purchased 1000 700 1,500 3,200 2500 Cost Per Unit $13 $9 $12 $20 Total Cost $13,000 $6,300 $18,000 $37,300

Using LIFO, what is the ending balance in inventory? Date 1/1/2011 Beginning Inventory 2/1/2011 Purchase 3/1/2011 Purchase Total Goods Available for Sale $4,800 O $8,400 $9,100 Source O $8,159 Units sold Units Purchased 1000 700 1,500 3,200 2500 Cost Per Unit $13 $9 $12 $20 Total Cost $13,000 $6,300 $18,000 $37,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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