A company just starting business uses a periodic inventory system. A physical count of merchandise inventory on June 30- reveals that there are 320 units on hand. The company made the following three inventory purchases in June. # of Units Unit Cost Total Costs June 1 150 $10 $1,500 June 10 200 $9 $1,800 June 15 250 $8 $2,000 Using the LIFO inventory method, the value of the Ending Inventory on June 30 is __________ . Select one: a. $ 2,070 b. $ 3,030 c. $ 2,670 d. $ 2,630
A company just starting business uses a periodic inventory system. A physical count of merchandise inventory on June 30- reveals that there are 320 units on hand. The company made the following three inventory purchases in June. # of Units Unit Cost Total Costs June 1 150 $10 $1,500 June 10 200 $9 $1,800 June 15 250 $8 $2,000 Using the LIFO inventory method, the value of the Ending Inventory on June 30 is __________ . Select one: a. $ 2,070 b. $ 3,030 c. $ 2,670 d. $ 2,630
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Q 29
A company just starting business uses a periodic inventory system. A physical count of merchandise inventory on June 30- reveals that there are 320 units on hand. The company made the following three inventory purchases in June.
# of Units | Unit Cost | Total Costs | |
June 1 | 150 | $10 | $1,500 |
June 10 | 200 | $9 | $1,800 |
June 15 | 250 | $8 | $2,000 |
Using the LIFO inventory method, the value of the Ending Inventory on June 30 is __________ .
Select one:
a. $ 2,070
b. $ 3,030
c. $ 2,670
d. $ 2,630
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education