Question: United Co had 10 units of an inventory item on
United Co. had 10 units of an inventory item on hand at the beginning of the current year, each of which had a per-unit cost of $10. During the year, 20 additional units were purchased at $11, and 25 units were sold. What is the amount of the ending inventory under the LIFO and the average-cost methods of accounting for inventory?
Answer to relevant QuestionsWexler Company’s inventory is subject to shrinkage via evaporation. At the end of the current financial reporting period, the company’s inventory had a cost of $100,000. Management estimates that evaporation has resulted ...Lollar, Inc., is a giant provider of home furnishings. The company uses the FIFO inventory method. The following information was taken from the company’s recent financial statements(dollar amounts are in thousands):Cost of ...An annual report issued by General Motors Corporation included the following information:Inventories are valued using various cost methods. The percentage of year-end inventories valued using each of these methods is:LIFO . ...Mario’s Nursery uses a perpetual inventory system. At December 31, the perpetual inventory records indicate the following quantities of a particular blue spruce tree:.:.A year-end physical inventory, however, shows only ...Roman Sound uses a periodic inventory system. One of the store’s products is a wireless head-phone. The inventory quantities, purchases, and sales of this product for the most recent year are as follows:Instructionsa. ...
Post your question