Walte Company just starting business had the following transactions in May: Purchase Sale Purchase Purchase Sale Purchase June 1 June 5 130 units @ 5.50 100 units @ 8.00 $ 715.00 $ 800.00 June 10 200 units @ 5.60 $1,120.00 June 15 200 units @ 5.70 $1,140.00 June 25 325 units @ 8.00 June 28 150 units @ 5.90 $2,600.00 $ 885.00 A physical count of merchandise inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the periodic inventory method calculate Ending Inventory under LIFO. O $3,860.00 O $1,470.00 O $1,483.50 $1,415.00
Walte Company just starting business had the following transactions in May: Purchase Sale Purchase Purchase Sale Purchase June 1 June 5 130 units @ 5.50 100 units @ 8.00 $ 715.00 $ 800.00 June 10 200 units @ 5.60 $1,120.00 June 15 200 units @ 5.70 $1,140.00 June 25 325 units @ 8.00 June 28 150 units @ 5.90 $2,600.00 $ 885.00 A physical count of merchandise inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the periodic inventory method calculate Ending Inventory under LIFO. O $3,860.00 O $1,470.00 O $1,483.50 $1,415.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Rahul
Transcribed Image Text:Walte Company just starting business had the following transactions in May:
Purchase
Sale
Purchase
Purchase
Sale
Purchase
June 1
June 5
130 units @ 5.50
100 units @ 8.00
$ 715.00
$
800.00
June 10
200 units @ 5.60
$1,120.00
June 15
200 units @ 5.70
$1,140.00
June 25
325 units @ 8.00
June 28
150 units @ 5.90
$2,600.00
$ 885.00
A physical count of merchandise inventory on May 31st reveals that there are 255 units on hand.
Assume that no returns occurred during the month and no discounts were given.
Using the periodic inventory method calculate Ending Inventory under LIFO.
O $3,860.00
O $1,470.00
O $1,483.50
$1,415.00
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