Select your language

Suggested languages for you:
Log In Start studying!
Answers without the blur. Just sign up for free and you're in → Illustration

15QS

Expert-verified
Financial & Managerial Accounting
Found in: Page 261
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

Refer to the information in QS 5-10 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. (Round per unit costs and inventory amounts to cents.)

Ending inventory totals $300.

See the step by step solution

Step by Step Solution

Definition of Physical Count

The physical inspection of the goods carried out by the business entity to determine the cost and units of inventory held in the business entity is known as physical count.

Ending inventory under LIFO method

Particular

Units

X

Per unit

=

Total cost

Dec 7

10

X

6

=

$60

Dec 14

20

X

12

=

$240

Total

$300

Most popular questions for Business-studies Textbooks

Icon

Want to see more solutions like these?

Sign up for free to discover our expert answers
Get Started - It’s free

Recommended explanations on Business-studies Textbooks

94% of StudySmarter users get better grades.

Sign up for free
94% of StudySmarter users get better grades.