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

question 49

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:

Performance Rating

An evaluation of an individual's or machine's performance, often based on predefined standards.

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of values.

Observed Average Time

The mean time recorded for a task or activity, based on actual observations rather than theoretical calculations.

Confidence

The feeling or belief in one's abilities, qualities, or the reliability of something or someone.