A company had the following purchases and sales during its first year of operations: PurchasesSalesJanuary:10 units at $1206 unitsFebruary:20 units at $1255 unitsMay:15 units at $1309 unitsSeptember:12 units at $1358 unitsNovember:10 units at $14013 units On December 31, there were 26 units remaining in ending inventory. Using the Periodic LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
A. $3,200.
B. $3,405.
C. $5,400.
D. $3,270.
E. $3,364.
Answer: A
You might also like to view...
In general, adjustments to customer balances in the accounts receivable master data will be necessary for all of the following except:
a. sales returns and allowances b. reversals of mispostings and other errors c. bad debt write-offs d. estimates of uncollectible accounts
Which of the following is the most likely reason that salespeople plan their sales calls?
A. Training new employees B. Shortening the sales presentation C. Utilizing new technologies D. Establishing professionalism E. Overcoming customer objections
After attending community college, John played baseball for the ________
A) minorleagues B) minor-leagues C) minor leagues
Answer the following questions with respect to the payback method: A. What is the payback method used to determine? B. List one advantage and one disadvantage of this method