Cheyenne Corp. uses a periodic inventory system. Details for the inventory account for the month of January
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Question:
Cheyenne Corp. uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows:
Units | Per unit price | Total | ||||
---|---|---|---|---|---|---|
Balance, 1/1/2022 | 260 | $4.00 | $1040 | |||
Purchase, 1/15/2022 | 130 | ..4.70 | 611 | |||
Purchase, 1/28/2022 | 130 | ..4.80 | 624 |
An end of the month (1/31/2022) inventory showed that 210 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
Related Book For
Intermediate Accounting
ISBN: 978-1259548185
8th edition
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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