Assume a beginning inventory as follows: 10 units @ $1.00, 100 units @ $0.90, and 10 units @ $1.10 . A purchase of 80 units @ $1.05 is made, and then a sale of 110 units is made. Using perpetual LIFO, what is the cost of inventory on hand after the sale?
a. $28.00
b. $95.00
c. $82.00
d. $59.00
e. $88.00
c
You might also like to view...
Sarbanes-Oxley Section 401 covers ______________________________ in financial reports
Fill in the blank(s) with correct word
Every transaction affects equal numbers of ledger accounts and is recorded by equal dollar amounts of debits and credits
a. True b. False Indicate whether the statement is true or false
Which of the following models explains the nature of economic transactions in terms of a flow of resources from businesses to households and back again?
A. The triple bottom line model B. The neoclassical model C. The pyramidal flow model D. The circular flow model
People buy expectations, not products, according to Ted Levitt, author of The Marketing Imagination
Indicate whether the statement is true or false