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).
Chapter10: Inventory
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![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).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1eaae1fc-ed33-449b-be0f-97d8c49ba64f%2Fea9f41f5-9b7c-4769-8c72-95200b991a21%2Fx891e2_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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).
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