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Sunny's Tanning Beds Inc. uses the periodic inventory system and has provided the following information: Date Transaction Number of Units Cost Per Unit 1/1 Beginning Inventory 410 $205 4/2 Purchase 130 $215 9/15 Purchase 50 $220 During the year, Sunny sold 520 Tanning Beds.What was the ending inventory using the LIFO cost flow assumption? $69,700 $11,000 $14,350 $15,400

Sunny's Tanning Beds Inc. uses the periodic inventory system and has provided the following information: Date Transaction Number of Units Cost Per Unit 1/1 Beginning Inventory 410 $205 4/2 Purchase 130 $215 9/15 Purchase 50 $220 During the year, Sunny sold 520 Tanning Beds.What was the ending inventory using the LIFO cost flow assumption? $69,700 $11,000 $14,350 $15,400

FINANCIAL ACCOUNTING
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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Sunny's Tanning Beds Inc. uses the periodic inventory system and has provided the following information: Date Transaction Number of Units Cost Per Unit 1/1 Beginning Inventory 410 $205 4/2 Purchase 130 $215 9/15 Purchase 50 $220 During the year, Sunny sold 520 Tanning Beds. What was the ending inventory using the LIFO cost flow assumption? $69,700 $11,000 $14,350 $15,400
Transcribed Image Text:Sunny's Tanning Beds Inc. uses the periodic inventory system and has provided the following information: Date Transaction Number of Units Cost Per Unit 1/1 Beginning Inventory 410 $205 4/2 Purchase 130 $215 9/15 Purchase 50 $220 During the year, Sunny sold 520 Tanning Beds. What was the ending inventory using the LIFO cost flow assumption? $69,700 $11,000 $14,350 $15,400
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