Vegas started the period with 80 units in beginning inventory that costs $7.50 each. During the period, the company purchased inventory items as follows: Purchase - no. Of items - cost 1 - 200 - $9.00 2 - 150 - $9.30 3 - 50 - $10.50 Wynn sold 220 units after purchase 3 for $17.00 each. What is Wynn's ending inventory under LIFO? A. $2,730 B. $2,220 C. $2,460 D. $1,950
Vegas started the period with 80 units in beginning inventory that costs $7.50 each. During the period, the company purchased inventory items as follows: Purchase - no. Of items - cost 1 - 200 - $9.00 2 - 150 - $9.30 3 - 50 - $10.50 Wynn sold 220 units after purchase 3 for $17.00 each. What is Wynn's ending inventory under LIFO? A. $2,730 B. $2,220 C. $2,460 D. $1,950
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 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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Vegas started the period with 80 units in beginning inventory that costs $7.50 each. During the period, the company purchased inventory items as follows:
Purchase - no. Of items - cost
1 - 200 - $9.00
2 - 150 - $9.30
3 - 50 - $10.50
Wynn sold 220 units after purchase 3 for $17.00 each.
What is Wynn's ending inventory under LIFO?
A. $2,730
B. $2,220
C. $2,460
D. $1,950
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