Partridge Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows:Date Purchases SalesJan. 14 375 @ $1417 250 @ $10 25 250 @ $11 29 260 @ $16Partridge does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is:Partridge Bookstore had 500 units on hand at JanuaThe cost of the inventory at January 31, under the LIFO method is:a.$3,900. b.$3,650. c.$4,015. d.$3,285.

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Business

Jackson

1 December, 23:35

Partridge Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows:Date Purchases SalesJan. 14 375 @ $1417 250 @ $10 25 250 @ $11 29 260 @ $16Partridge does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is:Partridge Bookstore had 500 units on hand at JanuaThe cost of the inventory at January 31, under the LIFO method is:a.$3,900. b.$3,650. c.$4,015. d.$3,285.

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Answers (1)

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Fatima Brown · Answer 1

D) $3,285.

Explanation:

Date Purchases Sales

Jan. 1 initial inventory 500 @ $9

Jan. 14 375 @ $14

Jan. 17 250 @ $10

Jan. 25 250 @ $11

Jan. 29 260 @ $16

January 31 only 365 units left.

Under LIFO what is the cost of inventory?

365 units x $9 per unit = $3,285