Glasgow Enterprises started the period with 60 units in beginning inventory that cost $1.70 each. During...

Glasgow Enterprises started the period with 60 units in beginning inventory that cost $1.70 each. During the period, the company purchased inventory items as follows. Glasgow sold 255 units after purchase 3 for $10.00 each.

Purchase	No. of Items		Cost
1		380	$	2.20
2		110	$	2.30
3		50	$	2.70

Glasgow's ending inventory under LIFO would be:

Multiple Choice

$729.
$932.
$794.
$587.

Expert Solution

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Ans: Cost of goods sold Oty Unit Cost S Total Cost S LIFO Particulars Beginning inventory Purchase 1 Inwards Qty 0 380 0 200 110 Outwards Unit Cost $ Total Cost $ Qty 0 0 0 2.2 836 0 0 O oc O 2.2 836 O O Purchase 2 60 2.2 Ending inventory Unit Cost $ Total Cost $ Qty Unit Cost S Total Cost 0 0 60 1.7 102 0 0 60 1.7 102 0 0 380 2.2 440 1.7 102 380 836 110 2.3 253 550 60 1.7 102 380 2.2 836 110 2.3 50 2.7 135 600 10 2550 1.7 102 2.2 627 Purchase 3 253 0 0 250 0 Sales during period 0 0 255 60 SO 110 95 (255-110-50) 255 135 253 209 255 60 729 597 Option A.i.e., Ending inventory = $729

ekkarill92 answered 1 year ago

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