Question

Not yet answered Marked out of Flag question 1.00 Cranberry Relish, Inc. has the following inventory information: Nov. 1 Beginning Inventory 20 units at $90 5 Purchases 14 Sale 21 Purchases 30 Sale 120 units at $92 80 units 60 units at $95 56 units Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis? Select one: O a. $5,848 O b. $5,860 O c. $6,068 O d. $6,346 Save Previous page Next page 閂# #3(.) @ e 6.曲

Answer 1

c $6,068
FIFO
Date	Particulars	Units	Cost	Amount	COGS
1-Nov	Beginning Inventory	20.00	90.00	1,800.00
5-Nov	Purchases	120.00	92.00	11,040.00
	Total	140.00		12,840.00
14-Nov	COGS	80.00		7,320.00	20*90+60*92
	Total	60.00		5,520.00
21-Nov	Purchases	60.00	95.00	5,700.00
	Total	120.00		11,220.00
30-Nov	Sales	56.00		5,152.00	56*92
	Ending Inventory	64.00		6,068.00	4*92+60*95
b $5,860
LIFO
Date	Particulars	Units	Cost	Amount	COGS
1-Nov	Beginning Inventory	20.00	90.00	1,800.00
5-Nov	Purchases	120.00	92.00	11,040.00
	Total	140.00		12,840.00
14-Nov	COGS	80.00		7,360.00	80*92
	Total	60.00		5,480.00
21-Nov	Purchases	60.00	95.00	5,700.00
	Total	120.00		11,180.00
30-Nov	Sales	56.00		5,320.00	56*95
	Ending Inventory	64.00		5,860.00	4*95+40*92+20*90