Beginning Inventory, Purchases, and Sales for an Inventory Item Are

question 128

Essay

Beginning inventory, purchases, and sales for an inventory item are as follows: $\begin{array}{|l|l|}\hline \text { Beginning inventory } & 150 \text { units } @ \$ 755 \\\hline \text { Sale } & 120 \text { units } \\\hline \text { First purchase } & 400 \text { units } @ \$ 785 \\\hline \text { Sale } & 200 \text { units } \\\hline \text { Second purchase } & 300 \text { units } @ \$ 805 \\\hline \text { Sale } & 290 \text { units } \\\hline\end{array}$ The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year. What is the total cost of ending inventory according to LIFO?

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Definitions:

Hazan and Shaver

Psychologists who developed the theory that romantic love in adulthood follows the same attachment patterns individuals have as children with their caregivers.

Adults

Individuals who have reached the age of majority, typically defined in terms of legal responsibilities, physiological development, and social standing.

Romantic Love

A profound and emotional state of attachment and affection towards a partner.

Bowlby and Ainsworth

Psychologists known for their work in attachment theory, explaining the importance of early emotional bonds between a child and their primary caregiver.