Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 90...
Question:
Thelen's inventory records show the following data at January 31:
| Beginning inventory Jan. 1 | 90 units at $5 per unit |
| Jan. 10 purchase | 270 units at $11 per unit |
| Jan. 22 purchase | 130 units at $12 per unit |
At January 31, 230 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method?
LIFO Inventory Valuation Method:
LIFO is one of the methods used to calculate the value of ending inventory and thereafter to calculate the cost of goods sold expense. It differs from other valuation methods in the inventory flow assumption it uses.
Answer and Explanation: 1
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LIFO will always assume that the newest inventory was sold, so the 230 unit left in inventory will be from the beginning inventory and the first...
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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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