Marigold Bookstore had 470 units on hand at January 1, costing $8 each. Purchases and sales during the month of January were as follows:Date PurchasesSalesJan. 14 405 @ $1317 210 @ $10 25 220 @ $9 29 230 @ $15Marigold maintains a periodic inventory system. According to a physical count, 265 units were on hand at January 31.The cost of the inventory at January 31, under the LIFO method is:$2385.$2530.$2650.$2120.

The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Answered: Marigold Bookstore had 470 units on…

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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Marigold Bookstore had 470 units on hand at January 1, costing $8 each. Purchases and sales during the month of January were as follows:

Date	Purchases	Sales
Jan. 14		405 @ $13
17	210 @ $10
25	220 @ $9
29		230 @ $15

Marigold maintains a periodic inventory system. According to a physical count, 265 units were on hand at January 31.

The cost of the inventory at January 31, under the LIFO method is:

$2385.

$2530.

$2650.

$2120.

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