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12 January, 19:59

Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs: April 5 $10 April 10 $12 April 15 $14 April 20 $16 April 22 $17 One unit is sold on April 25. The company uses the last-in, first-out (LIFO) inventory costing method. Identify the cost of the ending inventory on the balance sheet.

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  1. 12 January, 20:17
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    Inventory Cost = $52

    Explanation:

    Giving the following information:

    April 5 $10

    April 10 $12

    April 15 $14

    April 20 $16

    April 22 $17

    One unit is sold on April 25. The company uses the last-in, first-out (LIFO) inventory costing method ...

    Inventory Cost = 16 + 14 + 12 + 10 = $52
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