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Question: Date Transaction # of Units Unit Cost Total Cost 1/1 Beg Balance 150 $30 $4,5...

Date	Transaction	# of Units	Unit Cost	Total Cost
1/1	Beg Balance	150	$30	$4,500
1/24	Purchase	70	33	2,310
2/22	Sale	(100)	-	-
3/7	Purchase	90	35	3,150
4/10	Purchase	140	36	5,040
6/11	Sale	(100)	-	-
9/28	Purchase	50	38	1,900
12/4	Sale	(100)	-	-

Q. What is the ending inventory under a LIFO periodic inventory system?

a. $10,500

b. $9,610

c. $7,290

Answer 1

Correct answer---- c. $7,290

	Units	Cost per unit	value
Beginning Balance	150	$    30.00	$   4,500.00
Purchases
	70	$    33.00	$   2,310.00
	90	$   35.00	$   3,150.00
	140	$    36.00	$   5,040.00
	50	$    38.00	$   1,900.00
	500		$ 16,900.00

FIFO
Total Units Available for sale		500
Units Sold		300
Closing Stock in Units		200
Valuation
Ending Inventory	50	@	$     38.00	$    1,900.00
	140	@	$     36.00	$    5,040.00
	10	@	$     35.00	$        350.00
Value Of Ending Inventory				$    7,290.00