Ask Question
BusinessBusiness
13 July, 18:24

Eastview Company uses a periodic LIFO inventory system, and has the following purchases and sales: January 1 150 units were purchased at $9 per unit. January 17 120 units were sold. January 20 160 units were purchased at $11 per unit. January 29 150 units were sold. What is the value of ending inventory?

+5
Answers (1)
  1. 13 July, 19:06
    0
    Ending inventory = $360

    Explanation:

    Giving the following information:

    January 1: 150 units for $9 per unit.

    January 17: 120 units were sold.

    January 20: 160 units were purchased at $11 per unit.

    January 29: 150 units were sold.

    Under LIFO (last-in, first-out) method, the value of ending inventory is the value of the first units incorporated.

    First, we need to calculate the ending inventory in units:

    Ending inventory in units = total units - units sold

    Ending inventory in units = (150 + 160) - (120 + 150) = 40 units

    Ending inventory ($) = 40*$9 = $360
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Eastview Company uses a periodic LIFO inventory system, and has the following purchases and sales: January 1 150 units were purchased at $9 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Identify the rewards of extending credit to customers
Answers (2)
Decide which business structure makes the most sense for your company (sole proprietorship, partnership, LLC, C corporation, S corporation, or nonprofit corporation). Describe at least three reasons why you chose this business structure.
Answers (1)
Southwest Airlines has a complex interrelationship between its culture and staff that adds value in ways that other airlines cannot, such as jokes on flights or the cooperation between gate personnel and pilots.
Answers (2)
Why as business owners is it important to think creatively.
Answers (1)
A market is perfect if: A. The buyers can buy at any quantity without affecting the price. B. The sellers can sell at any quantity without affecting the price. C. The parties in the market are price takers. D. All of the above.
Answers (1)
New Questions in Business
has outstanding 600,000 shares of $2 par common stock and 120,000 shares of no-par 6% preferred stock with a stated value of $5. Dividends have been paid in every year except the past two years and the current year.
Answers (1)
A market is a group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase them.
Answers (1)
Assume the U. S. dollar and the Mexican peso are traded in flexible currency markets. Which of the following would cause the U. S. dollar to depreciate relative to the Mexican peso? Higher price level in Mexico relative to the United States.
Answers (1)
Marketing consists primarily of advertising a product or service. a. True b. False
Answers (1)
Who introduced the concept of mail-order merchandising? A. Ebenezer Butterick B. Samuel Slater C. Elias Howe D. Aaron Montgomery
Answers (1)
Home » Business » Eastview Company uses a periodic LIFO inventory system, and has the following purchases and sales: January 1 150 units were purchased at $9 per unit. January 17 120 units were sold. January 20 160 units were purchased at $11 per unit.
Sign Up Forgot Password?