Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 6 - Reporting and Analyzing Inventory - Self-Test Questions - Page 312: 5



Work Step by Step

To compute the value of remaining inventory using LIFO, compute the value of the first 9000 units received. $(8000\times11)+(1000\times12)=88000+12000=100000$
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.