contestada

Use the information below to answer the following question. The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 5 $20 10 Sale 3 17 Purchase 10 $24 20 Sale 6 23 Sale 3 30 Purchase 10 $30 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. a. $372 b. $320 c. $364 d. $324

Respuesta :

cecylya

Answer:

The correct answer is c. $364

Explanation:

LIFO Perpetual chart is attached.

It shows purchases, sales and balance of each period. To get the ending inventory cost  we have to add the cost of all units in the last balance of the month.  

That will be,  

Units Unit Cost Total

2         $20,00         $40,00

1          $24,00         $24,00

10          $30,00         $300,00

Total =$40,00 +$24,00+$300,00=$364,00

Ver imagen cecylya

Otras preguntas