Question

Novak has the following inventory data: July 1 Beginning inventory 37 units at $73 5 Purchases...

Novak has the following inventory data: July 1 Beginning inventory 37 units at $73 5 Purchases 220 units at $68 14 Sale 146 units 21 Purchases 110 units at $71 30 Sale 102 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July?

$8301
$8337
$8289
$8589
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Answer #1

Correct Answer is $8301

Purchase Sale Balance
Date Units Price Per Unit Total Cost Units Price Per Unit Total Price Unit Avg Price Per Unit Value
01-Jul 37         73.00     2,701.00
05-Jul 220 68 14960 0 0 0 257         20.00 17,661.00
14-Jul 0 0 0 146 0 0 111         69.67     7,733.00
21-Jul 110 71 7810 0 0 0 221         70.33 15,543.00
30-Jul 0 0 0 102 0 0 119         69.76     8,301.00
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