A company had inventory on November 1 of 5 units at a cost of $16 each....

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?

$278
$272
$283
$315
$294

Expert Solution





Calculation of Ending Inventory: LIFO
Date	Purchases			Sales			Balance
Date	Units	PU	Total Cost	Units	PU	Total Cost	Units	PU	Total Cost
01-Nov							5.00	16.00	80.00

02-Nov	13.00	18.00	234.00				5.00	16.00	80.00
							13.00	18.00	234.00

06-Nov	9.00	21.00	189.00				5.00	16.00	80.00
							13.00	18.00	234.00
							9.00	21.00	189.00

08-Nov				9.00	21.00	189.00	5.00	16.00	80.00
				2.00	18.00	36.00	11.00	18.00	198.00

	27.00		503.00	11.00		225.00	16.00		278.00


Inventory After Nov 8
278.00

ekkarill92 answered 1 month ago

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