Marigold has the following inventory data: July 1 Beginning inventory 31 units at $16 $496 7...

Marigold has the following inventory data:

July 1	Beginning inventory	31 units at $16	$496
7	Purchases	109 units at $16	1744
22	Purchases	16 units at $17	272
			$2512

A physical count of merchandise inventory on July 30 reveals that there are 39 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is

Expert Solution

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Amount allocated to ending inventory for July = $624


LIFO	Cost of goods available for sale	Cost of goods sold		Ending Inventory
Beginning Inventory	31	$ 16	$ 496	-	$ 16	$ -	31	$ 16	$ 496
Purchases:
Jul-07	109	$ 16	$ 1,744	101	$ 16	$ 1,616	8	$ 16	$ 128
Jul-22	16	$ 17	$ 272	16	$ 17	$ 272	-	$ 17	$ -
	156		$ 2,512	117		$ 1,888	39		$ 624

ekkarill92 answered 1 year ago

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