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Determine the ending inventory value using LIFO

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Reference no: EM132753996

Question - The Notebook Company was formed on December 1, 2016. The following information is available from the company's inventory records:

Units Unit Cost

Balance as of May 1, 2017 800 $104

Purchases: May 7, 2017 19,000 $105

June 11, 2017 17,000 $106

July 23, 2017 3,200 $103

December 15, 2017 5,100 $107

The company uses a periodic inventory system, and a physical inventory on December 30, 2017, shows 8,300 units on hand.

1. See information for The Notebook Company above. Using this information, the ending inventory value using FIFO is

a. $875,300

b. $870,700

c. $872,210

d. None of the above

2. See information for The Notebook Company above. Using this information, the ending inventory value using LIFO is

a. $875,300

b. $870,700

c. $872,210

d. None of the above

Reference no: EM132753996

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