Grand Forks Enterprises sells toy airplanes to retailers such as K-Mart and Wal-Mart. Information about inventory...

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Grand Forks Enterprises sells toy airplanes to retailers such as K-Mart and Wal-Mart. Information about inventory is contained in the table below. The company uses a LIFO perpetual inventory system and sells inventory for $5.00 per unit. Number Unit Total Date of Units Cost Cost January 01 Beginning inventory 2,000 $2.00 $4,000 January 10 Sale 1,200 January 15 Purchase 4,000 $2.25 $9,000 January 20 Sale 2,500 January 25 Purchase 5,000 $2.40 $12,000 January 30 Sale 6,000 Determine the ending inventory for the period. Grand Forks Enterprises sells toy airplanes to retailers such as K-Mart and Wal-Mart. Information about inventory is contained in the table below. The company uses a LIFO perpetual inventory system and sells inventory for $5.00 per unit. Number Unit Total Date of Units Cost Cost January 01 Beginning inventory 2,000 $2.00 $4,000 January 10 Sale 1,200 January 15 Purchase 4,000 $2.25 $9,000 January 20 Sale 2,500 January 25 Purchase 5,000 $2.40 $12,000 January 30 Sale 6,000 Determine the ending inventory for the period.

Answer rating: 100% (QA)

Ending inventory 2725 LIFO Date Purchase Cost of Goods sold Inventory Quantity unit cost ... View the full answer