QUESTION 19 Points out of 3.00 P Flag question Not yet answered of occurrence, t

Question

QUESTION 19 Points out of 3.00 P Flag question Not yet answered of occurrence, the purchases and The following data represent the beginning Inventory and, in order sales of Ramos, Inc. for an operating period. Units Unit Cost Total Cost Units Sold 32 $72 $2,304 Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals 10 28 80 2,240 32 20 76 1,520 42 80 Assuming Ramos, Inc. uses LIFO perlodic Inventory procedures, the ending inventory cost is: Select one: A. $2,360 B. $2,784 C. $2,888 D. $2,632

Explanation / Answer

B. $2784 ,

LIFO as periodic inventory ,

Cost of ending inventory for 38 units = 6 (28-22)units from Purchase No.1 @ $80 = $480

= 32   units from beginning @ $72 = $2304

38units = $2784

Note:- Total unit available for sale = 32 + 28 + 20

   = 80

Unit sold = 42

   Ending inventory = 38 units

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