UnitsBeginning inventoryPurchase (April 3)Sale (April 10)Purchase (April 18)Purchase (April 23)Sale (April 28)Assuming Sylvia's uses a perpetual LIFO cost flow assumption, ending inventory for April would be1005080Cost4060120$101214H4515

Ending inventory refers to the inventory value which remains at the end of the fiscal year or…

Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase (April 23) Sale (April 28) Units 100 50 80 40 60 120 Cost $10 12 14 15 H Assuming Sylvia's uses a perpetual LIFO cost flow assumption ending inventory for April would b

Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase (April 23) Sale (April 28) Units 100 50 80 40 60 120 Cost $10 12 14 15 H Assuming Sylvia's uses a perpetual LIFO cost flow assumption ending inventory for April would b

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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Question

Units
Beginning inventory
Purchase (April 3)
Sale (April 10)
Purchase (April 18)
Purchase (April 23)
Sale (April 28)
Assuming Sylvia's uses a perpetual LIFO cost flow assumption, ending inventory for April would be
100
50
80
Cost
40
60
120
$10
12
14
H
45
15

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9. Sylvia's Designs Co. had the following inventory activity during April: Unit Units 100 Cost $10 Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase (April 23) Sale (April 28) 50 12 80 40 14 60 15 120 Assuming Sylvia's uses a periodic LIFO cost flow assumption, ending inventory for April would be a. $2,560 b. $ 750 c. $2,310 d. $ 500
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