A company had inventory on November 1, of 5 units at a cost of $16 each. On November 2, they...
Question:
A company had inventory on November 1, of 5 units at a cost of $16 each. On November 2, they purchased 13 units at $18 each. On November 6 they purchased 9 units at $21 each. On November 8, 11 units were sold for $51 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
Inventory:
Inventory is a current asset account on the balance sheet which represents items available for sale or items in the process of being manufactured for sale. Once sold, the inventory is transferred to the income statement as cost of goods sold.
Answer and Explanation: 1
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Ending inventory is 16 units at a value of $278.
A perpetual inventory system is assisted by a computerized system which keeps an up to date...
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Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average
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Chapter 6 / Lesson 11
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Inventory valuation methods are ways that companies place a monetary value on the items they have in their inventory. Discover different inventory valuation methods, including specific identification, First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and weighted average.
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