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Alpha First Company just began business and made the following four inventory purchases in June: June 1 150 units $780 June 10 200 units 1,170 June 15 200 units 1,260 $4,200 June 28 150 units 990 A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is: a).$1.386. b).$1.368. c) $1,092. d) $1.131.

Alpha First Company just began business and made the following four inventory purchases in June: June 1 150 units $780 June 10 200 units 1,170 June 15 200 units 1,260 $4,200 June 28 150 units 990 A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is: a).$1.386. b).$1.368. c) $1,092. d) $1.131.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Alpha First Company just began business and made the following four inventory purchases in June: June 1 150 units $780 June 10 200 units 1,170 June 15 200 units 1,260 $4,200 June 28 150 units 990 A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is: a).$1.386. b).$1.368. c) $1,092. d) $1.131.
Transcribed Image Text:Alpha First Company just began business and made the following four inventory purchases in June: June 1 150 units $780 June 10 200 units 1,170 June 15 200 units 1,260 $4,200 June 28 150 units 990 A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is: a).$1.386. b).$1.368. c) $1,092. d) $1.131.
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