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02-11-2019
Mathematics

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On May 1, beginning inventory consists of 10 items at a cost of $10 each. On May 3, 10 items are purchased at $12 each. On May 8, 12 items are sold. On May 15, 10 items are purchased at $14 each. Using perpetual LIFO, ending inventory at May 31 equals?

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02-11-2019

Answer:

$220

Step-by-step explanation:

5/01: Beg. inventory: 10 × $10 = $100

5/03: Add inventory: 10 × $12 = $120

5/08: Less inventory: (10 × $12) + (2 × $10) = $140

5/15: Add inventory: 10 × $14 = $140

5/31: End. inventory: (10 × $14) + (8 × $10) = $220

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