Ask Question
25 March, 18:17

Cheyenne Corp. just began business and made the following four inventory purchases in June: June 1 141 units $846 June 10 188 units 1316 June 15 188 units 1504 June 28 141 units 1269 $4935 A physical count of merchandise inventory on June 30 reveals that there are 188 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is:

+3
Answers (1)
  1. 25 March, 19:04
    0
    Inventory = $1,175

    Explanation:

    Giving the following information:

    June 1: 141 units $846 (6)

    June 10: 188 units 1316 (7)

    June 15: 188 units 1504 (8)

    June 28: 141 units 1269 (9)

    A physical count of merchandise inventory on June 30 reveals that there are 188 units on hand.

    LIFO (last-in, first-out)

    Inventory = 141*6 + 47*7 = $1,175
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Cheyenne Corp. just began business and made the following four inventory purchases in June: June 1 141 units $846 June 10 188 units 1316 ...” 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