Partridge Bookstore had 500 units on hand at January 1, costing $9 each. Purchas
ID: 2446616 • Letter: P
Question
Partridge Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows:
Date Purchases Sales
Jan. 14 375 @ $14
17 250 @ $10
25 250 @ $11
29 260 @ $16
Partridge does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31.
The cost of the inventory at January 31, under the LIFO method is:
Answer
$3,285.
$3,650.
$3,900.
$4,015.
$3,285.
$3,650.
$3,900.
$4,015.
Explanation / Answer
Cost of the inventory at January 31 = 365*9= $3285