Share
Explore BrainMass

LIFO valuation method.

Ramirez Room & Interiors keeps a separate inventory account for antique brass coat hooks that can be attached to the rear of a door. If the following transactions occurred during the first quarter of 2012, what would be the quantity and inventory value of coat hooks at the end of the quarter using the LIFO valuation method?

Date Goods Purchsed CGS QTY Bal Dollar Bal
Jan 01 Beginning Balance 650 @ $13 $8,450
Jan 20 212 units
Feb 14 110 @ $14
Feb 28 390 units
Mar 20 250 @ $14.25
Mar 30 170 units
Mar 31 Ending Balance?
Answer
A. 360 for $28.25
B. 238 units for $3,194.00
C. 238 units for $3,405.75
D. 650 for $8,450

Solution Preview

01-01 650 $13 each bal. 8450

01-20 212 units sold @ 2756, 438 remaining at ...

Solution Summary

The solution provides the correct answer to the multiple choice question that asks, Ramirez Room & Interiors keeps a separate inventory account for antique brass coat hooks that can be attached to the rear of a door. If the following transactions occurred during the first quarter of 2012, what would be the quantity and inventory value of coat hooks at the end of the quarter using the LIFO valuation method ...

$2.19