Westcoast Purveyors had 339 computer system in stock at the end of the year. Inventory records show the following information: Date Qty Cost Total Cost January 1 Beginning Inventory 50 $1,458 $72,900 June 21 Purchase 50 1,122 56,100 August 1 Purchase 300 894 268,200 October 23 Purchase 200 1,146 229,200 November 16 Purchase 100 1,434 143,400 Total available for sale 700 $769,800 Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory.
Westcoast Purveyors had 339 computer system in stock at the end of the year. Inventory records show the following information: Date Qty Cost Total Cost January 1 Beginning Inventory 50 $1,458 $72,900 June 21 Purchase 50 1,122 56,100 August 1 Purchase 300 894 268,200 October 23 Purchase 200 1,146 229,200 November 16 Purchase 100 1,434 143,400 Total available for sale 700 $769,800 Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Westcoast Purveyors had 339 computer system in stock at the end of the year. Inventory records show the following information:
| Date | Qty | Cost | Total Cost | |
|---|---|---|---|---|
| January 1 | Beginning Inventory | 50 | $1,458 | $72,900 |
| June 21 | Purchase | 50 | 1,122 | 56,100 |
| August 1 | Purchase | 300 | 894 | 268,200 |
| October 23 | Purchase | 200 | 1,146 | 229,200 |
| November 16 | Purchase | 100 | 1,434 | 143,400 |
| Total available for sale | 700 | $769,800 |
Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory.
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