Notifications
Clear all
Topic starter
A building materials retailer uses a LIFO method of valuing its inventory. The company has just introduced a new product.
The following is the activity for the first month of this new product.
• Purchase of 3,000 units on the 2nd of the month at $5.00.
• Purchase of 6,000 units on the 12th of the month at $4.80.
• Purchase of 2,000 units on the 31st of the month at $5 60.
• Sales of the product were 4,000 units on the 20th of the month. Using the periodic method, the ending value of the inventory would be
- A . $34,200.
B. $35,000.
C. $35,200.
D. $35, 800.
Suggested Answer: C
Posted : 12/01/2023 12:19 pm