Question

Some of the information found on a detail inventory card for Marin Inc. for the first...

Some of the information found on a detail inventory card for Marin Inc. for the first month of operations is as follows.

Received

Date

No. of Units

Unit Cost

Issued,
No. of Units

Balance,
No. of Units

January 2 1,500 $3.66 1,500
7 1,000 500
10 900 3.90 1,400
13 800 600
18 1,300 4.03 600 1,300
20 1,100 200
23 1,600 4.15 1,800
26 1,100 700
28 1,900 4.27 2,600
31 1,600 1,000

From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. Find Last-in, first-out (LIFO).

Homework Answers

Answer #1

Answer:

Inventory Card of Marin Inc.

(Using the LIFO Method)

Date Received Issued Balance
Units Unit Cost Unit Unit Cost Unit Unit Cost
January 2 1,500 $3.66 1,500 $3.66
January 7 1,000 $3.66 5,00 $3.66
january 10 900 $3.90 5,00 $3.66
900 $3.90
January 13 8,00 $3.90 500 $3.66
100 $3.90
January 18 1,300 $4.03 600 $4.03 500 $3.66
100 $3.90
700 $4.03
January 20 700 $4.03
100 $3.90
300 $3.66 200 $3.66
January 23 1,600 $4.15 200 $3.66
1,600 $4.15
January 26 1,100 $4.15 200 $3.66
500 $4.15
January 28 1,900 $4.27 200 $3.66
500 $4.15
1,900 $4.27
January 31 1,600 $4.27 200 $3.66
500 $4.15
300 $4.27
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