The following information was available from the inventory records of Swifty Corporation for January: Units Unit Cost Total Cost Balance at January 1 8,800 $9.75 $85,800 Purchases: January 6 5,800 10.21 59,218 January 26 8,100 10.67 86,427 Sales January 7 (7,600 January 31 (10,900 ) Balance at January 31 4,200 Assuming that Swifty uses a perpetual inventory system, what should be the inventory at January 31, using the LIFO method? O $42,820 O $41,210 O $43,740 O $40.950

The following information was available from the inventory records of Swifty Corporation for January: Units Unit Cost Total Cost Balance at January 1 8,800 $9.75 $85,800 Purchases: January 6 5,800 10.21 59,218 January 26 8,100 10.67 86,427 Sales January 7 (7,600 January 31 (10,900 ) Balance at January 31 4,200 Assuming that Swifty uses a perpetual inventory system, what should be the inventory at January 31, using the LIFO method? O $42,820 O $41,210 O $43,740 O $40.950

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

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Question

The following information was available from the inventory records of Swifty
Corporation for January:
Units
Unit Cost
Total Cost
Balance at January 1
8,800
$9.75
$85,800
Purchases:
January 6
5,800
10.21
59,218
January 26
8,100
10.67
86,427
Sales
January 7
(7,600 )
January 31
(10,900 )
Balance at January 31
4,200
Assuming that Swifty uses a perpetual inventory system, what should be the
inventory at January 31, using the LIFO method?
O $42,820
O $41.210
O $43,740
O $40,950

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