Splish has the following inventory data:July 1 Beginning inventory 36 units at $ 725 Purchases 216 units at $ 6714 Sale 144 units21 Purchases 108 units at $ 7030 Sale 101 unitsAssuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July?

The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Answered: Splish has the following inventory…

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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July 1	Beginning inventory	36 units at $ 72
5	Purchases	216 units at $ 67
14	Sale	144 units
21	Purchases	108 units at $ 70
30	Sale	101 units

Splish has the following inventory data: July 1 Beginning inventory 36 units at $ 72 5 Purchases 216 units at $ 67 14 Sale 144 units 21 Purchases 108 units at $ 70 30 Sale 101 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July?