Question: The table below is extracted from the inventory records for the month of august of lamp, Inc. a company which makes custom lamps. quantity price

The table below is extracted from the inventory records for the month of august of lamp, Inc. a company which makes custom lamps.

quantity

price per lamp

total

beginning inventory

110 lamps

$6

660

aug 7 purchase

130 lamps

$7

910

Aug 11 sales

220 lamps

N/A

aug 17 purchase

125 lamps

$6.50

819

Aug 23 sales

94 lamps

N/A

aug 28 purchase

34 lamps

$7.50

255

Using the information above, perpetual LIFO ending inventory is

  1. $583
  2. $2,128
  3. $2,061
  4. $593

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

The table below is extracted from the inventory records for the month of august of lamp, Inc. a company which makes custom lamps. quantity price per lamp total beginning inventory 110 lamps $6 660...

Q:

The table below is extracted from the inventory records for the month of august of lamp, Inc. a company which makes custom lamps. quantity price per lamp total beginning inventory 110 lamps $6 660...

Q:

I have attached both the chapters from which you will be answering the following question. Ch 8 (p 387 of text or p 35 of the pdf) ?Exercise D. Prepare the bank reconciliation and any required...

Q:

i need to know what do i multiply the average cost per shirt by The New Orleans Shirt Company makes two types of The basic and custom For the same time period, the New Orleans Short Company compiled...

Q:

1. Complete a production cost report for the Cutting Department and the Sewing Department. What is the cost of one basic shirt? 2. Determine the total cost and the average cost per shirt for jobs...

Q:

Hi I need help with the following project for my accounting class. I have done some of them but I have been trying to do the rest and it seems impossible. I need help for all the ones that are marked...

Q:

The New Orleans Shirt Company makes two types of T-shirts: basic and custom. (Click the icon to view the additional information.) For the same time period, the New Orleans Shirt Company compiled the...

Q:

Please help me answer these questions, I need help! I have answered the first few and am stuck :) Please show calculations- Thanks! MEITEN ng dal 1 More Info $ $ $ Basic shirts are plain shirts...

Q:

The New Orleans Shirt Company makes two types of T-shirts: basic and custom. (Click the icon to view the additional information.) For the same time period, the New Orleans Shirt Company compiled the...

Q:

Custom Fabric Ventures is a small company that produces fabric-based wardrobe accessories (such as, handbags, scarves, and headbands) and home accessories (such as placemats, pillows, and window...

Q:

Smythe Co. makes furniture. The following data are taken from its production plans for the year. Direct labor costs $5,410,000 610,000 Hazardous waste disposal costs Chairs 219,000 units 258,000 DLH...

Q:

Corporations commonly incur debt in financing the acquisition of other companies or in fighting takeover attacks by competitors. Two strategies often employed involve deferring interest payments and...

Q:

Short Answer Questions 1. What are two reasons why the book value of a partnership's assets may differ from their current value when there is a change in ownership? 2. How does the use of historical...

Q:

Your coworker has to give a presentation to a group of managers, and is feeling nervous. Which tip would be the best advice you could give? Multiple Choice Visualize yourself speaking with confidence...

Q:

=+ Part 6 Create one main thematic message (big idea) that would spin out to all media. Think about including a universal or global truth.

Q:

1 The intention of team- and group- based rewards is to increase ingroup ties and mutual motivation. Are there circumstances in which group- based reward could be divisive? Whole Foods has grown from...

Q:

2 What might managers do to avoid such outcomes? Whole Foods has grown from a small store in Austin, Texas, to a Fortune 500 company with $10. 1 billion sales in 2012 and 316 stores now in the US,...