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The inventory records for Barts Inc. indicate the following activity for the month of January: January 1 balance, 1000 units @ $7.20 each Purchases:...

The inventory records for Barts Inc. indicate the following activity for the month of

January:

January 1 balance, 1000 units @ $7.20 each

Purchases:

January 10: 600 units @ $7.25 each

January 16: 800 units @ $7.30 each

January 23: 600 units @ $7.35 each

Sales:

January 5: 400 units

January 14: 700 units

January 20: 500 units

January 26: 700 units


January 31st ending inventory using unit LIFO in a periodic inventory system is:

A) $5,040

B) $5,055

C) $5,075

D) $5,135


January 31st ending inventory using unit LIFO in a perpetual inventory system is:

A) $4,960

B) $5,060

C) $5,080

D) $5,140


January 31st ending inventory using FIFO in a perpetual inventory system is:

A) $5,140

B) $5,080

C) $5,060

D) $5,050


January 31st ending inventory using average cost (rounding unit cost to three

decimal places) in a periodic inventory system is:

A) $5,087

B) $5,107

C) $5,077

D) $5,005

Top Answer

Option Cost of Inventory LIFO (periodic)                 "A" correct... View the full answer

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Other Answers

January 31st ending inventory using unit LIFO in a periodic inventory system is: $5040 January 31st ending... View the full answer

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