Question

Multiple Choice Question 100 Sheffield Corp. has the following data related to an item of inventory: Inventory, March 1 390 units @ $1.90 Purchase, March 7 1360 units @ $2.00 Purchase, March 16 300 units @ $2.30 Inventory, March 31 500 units The value assigned to ending inventory if Sheffield uses LIFO is

$961. $1023. $1015. $950.

Answer 1

Answers

• Correct Answer = Option #1: $ 961 = Ending Inventory as per LIFO

LIFO	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	390	$                   1.90	$                            741.00	0	$                 1.90	$                              -	390	$                   1.90	$                741.00
Purchases:	0	$                       -	$                                     -
07-Mar	1360	$                   2.00	$                        2,720.00	1250	$                 2.00	$                 2,500.00	110	$                   2.00	$                220.00
16-Mar	300	$                   2.30	$                            690.00	300	$                 2.30	$                     690.00	0	$                   2.30	$                         -
TOTAL	2050		$                        4,151.00	1550		$                 3,190.00	500		$                961.00 = Answer