Westcoast Purveyors had 351 computer system in stock at the end of the year. Inventory records show the following information: Date Qty Cost Total Cost January 1 Beginning Inventory 50 $1,398 $69,900 June 21 Purchase 50 1,182 59,100 August 1 Purchase 300 894 268,200 October 23 Purchase 200 1,146 229,200 November 16 Purchase 100 1,434 143,400 Total available for sale 700 $769,800 Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory.
Westcoast Purveyors had 351 computer system in stock at the end of the year. Inventory records show the following information: Date Qty Cost Total Cost January 1 Beginning Inventory 50 $1,398 $69,900 June 21 Purchase 50 1,182 59,100 August 1 Purchase 300 894 268,200 October 23 Purchase 200 1,146 229,200 November 16 Purchase 100 1,434 143,400 Total available for sale 700 $769,800 Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory.
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 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...
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Westcoast Purveyors had 351 computer system in stock at the end of the year. Inventory records show the following information:
| Date | Qty | Cost | Total Cost | |
|---|---|---|---|---|
| January 1 | Beginning Inventory | 50 | $1,398 | $69,900 |
| June 21 | Purchase | 50 | 1,182 | 59,100 |
| August 1 | Purchase | 300 | 894 | 268,200 |
| October 23 | Purchase | 200 | 1,146 | 229,200 |
| November 16 | Purchase | 100 | 1,434 | 143,400 |
| Total available for sale | 700 | $769,800 |
Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory.
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