Value assigned to ending inventory, Accounting Basics

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Value assigned to ending inventory

Kiner Co. has the following data related to an item of inventory:

Inventory, March 1 100 units @ $4.20
Purchase, March 7 350 units @ $4.40
Purchase, March 16 70 units @ $4.50
Inventory, March 31 130 units

The value assigned to ending inventory if Kiner uses LIFO is

a. $579.
b. $552.
c. $546.
d. $585.

The value assigned to cost of goods sold if Kiner uses FIFO is

a. $579.
b. $552.
c. $1,723.
d. $1,696.

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Accounting Basics: Value assigned to ending inventory

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Accounting Basics: Value assigned to ending inventory

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Accounting Basics: Value assigned to ending inventory

Reference No:- TGS095137

Recent Questions Asked Accounting Basics

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