Narrative 16-1
Use the Information Below for the Following Problems

question 78

Short Answer

Narrative 16-1
Use the information below for the following problems:
The following is the inventory for the year for Better Products, Inc.:
$$\begin{array} { l l l l } \text { Date } & \text { Units } & \text { Cost per unit } & \text { Total Cost } \\\hline \text { Beginning inventory, Jan. 1 } & 50 & \$ 85.26 & 4,263 \\\text { Purchase, April 15 } & 200 & 92.50 & 18,500 \\\text { Purchase, September 20 } & 140 & 91.50 & 12,810 \\\text { Purchase, December 15 } & 30 & 98.60 & 2,958 \\\hline \text { Total Units Available } & 420 & & \$ 38,531\end{array}$$
-Refer to Narrative in your text 16-1. Using the Better Products inventory chart, what is the dollar value of the ending inventory on December 31, if Better Products used the LIFO method of valuing their ending inventory of 105 units?

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Definitions:

Piecework Rates

A compensation system where employees are paid a fixed rate for each unit they produce or task they complete.

Types

Varieties or categories of a particular thing or person characterized by a specific set of traits or attributes.

Balanced Scorecard

A strategic planning and management system used by organizations to align business activities with the vision and strategy of the organization, improve internal and external communications, and monitor performance against strategic goals.

Unethical Behaviors

Actions that do not conform to acceptable standards of morality or the ethical codes of a particular profession.