View the step-by-step solution to:

Question

80. Effie Company uses a periodic inventory system. Details for the inventory account for the month of January,

2012 are as follows:

                                                          Units             Per unit price              Total

Balance, 1/1/12                        200                     $5.00                  $1,000

Purchase, 1/15/12                    100                       5.30                       530

Purchase, 1/28/12                    100                       5.50                       550

 

An end of the month (1/31/12) inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?

a.  $700

b.  $728

c.  $742

d.  $762


Please explain how to get the answer.

Top Answer

The solution is... View the full answer

Sign up to view the full answer

Other Answers

The answer to this question... View the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question