Given the following information, determine the cost of the inventory at June 30 using the LIFO...

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business accounting

Answer 1

Answer #1

Inventory at June 30=Beginning inventory-Sales+Purchases

=(50-42+42)=50 units

As per LIFO;goods purchased last are sold off first.Hence Inventory at June 15 would be=(50-42)=8 units@$20

=$160

Add:purchases on June 29=42 units@$25 each=$1050

Cost of inventory at June 30=$1210

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Answer 2

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