Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs: April 5 $ 10 April 10 $ 12 April 15 $ 14 April 20 $ 16 April 22 $ 17 One unit is sold on April 25. The company uses the last-in, first-out (LIFO) inventory costing method. Identify the cost of the ending inventory on the balance sheet.

Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs: April 5 $ 10 April 10 $ 12 April 15 $ 14 April 20 $ 16 April 22 $ 17 One unit is sold on April 25. The company uses the last-in, first-out (LIFO) inventory costing method. Identify the cost of the ending inventory on the balance sheet.

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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April 5	$ 10
April 10	$ 12
April 15	$ 14
April 20	$ 16
April 22	$ 17

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