Some of the information found on a detail inventory card for Marin Inc. for the first month of operations is as follows. Date Januar y2 7 10 13 18 20 23 26 28 31 Received No. of Units 1,500 900 1,300 1,600 1,900 Unit Cost $3.66 3.90 4.03 4.15 4.27 Issued, No. of Units 1,000 800 600 1,100 1,100 1,600 Balance, No. of Units 1,500 500 1,400 600 1,300 200 1,800 700 2,600 1,000 From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. Find Last-in, first-out (LIFO).

Some of the information found on a detail inventory card for Marin Inc. for the first month of operations is as follows. Date Januar y2 7 10 13 18 20 23 26 28 31 Received No. of Units 1,500 900 1,300 1,600 1,900 Unit Cost $3.66 3.90 4.03 4.15 4.27 Issued, No. of Units 1,000 800 600 1,100 1,100 1,600 Balance, No. of Units 1,500 500 1,400 600 1,300 200 1,800 700 2,600 1,000 From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. Find Last-in, first-out (LIFO).

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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