Splish has the following inventory data: July 1 Beginning inventory 36 units at $ 72 5 Purchases 216 units at $ 67 14 Sale 144 units 21 Purchases 108 units at $ 70 30 Sale 101 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July?

Splish has the following inventory data: July 1 Beginning inventory 36 units at $ 72 5 Purchases 216 units at $ 67 14 Sale 144 units 21 Purchases 108 units at $ 70 30 Sale 101 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July?

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...

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Question

Splish has the following inventory data:

July 1	Beginning inventory	36 units at $ 72
5	Purchases	216 units at $ 67
14	Sale	144 units
21	Purchases	108 units at $ 70
30	Sale	101 units

Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July?

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