1 answer

Dobler Company uses a periodic inventory system. Details for the inventory account for the month of...

Question:

Dobler Company uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follo
Dobler Company uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follows: Units Per Unit Price Total 300 $5.00 Balance, 1/1/2017 $1,500 150 5.30 Purchase, 1/15/2017 795 150 5.50 Purchase, 1/28.2017 825 At the end of the month (1.21.2017) inventory showed that 240 units were on hand. If the company uses LIFO,what is the value of the ending inventory? $1,264 $1,200 $1,302 $1,920

Answers

Under LIFO, ending inventory consists of beginning inventory and earliest purchases.

240 units in ending inventory consists of beginning inventory.

Ending inventory = 240 units * $5 per unit

= $1,200

.

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