Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Jan. 22 purchase 110 units at $6 per unit 300 units at $12 per unit 100 units at $13 per unit At January 31, 190 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method? O A. $1,140 B. $2,470 O C. $1,620 O D. $1,700
Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Jan. 22 purchase 110 units at $6 per unit 300 units at $12 per unit 100 units at $13 per unit At January 31, 190 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method? O A. $1,140 B. $2,470 O C. $1,620 O D. $1,700
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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