Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 09 Aug 2017 My Price 4.00

Imus Company

would you please help to solve this problem Imus Company had 60,000 units in inventory on January 1, 2004, at the following LIFO cost: No. of Units Unit Cost Total Cost Base quantity 30,000 $ 5 $150,000 1995 layer 15,000 6 90,000 1998 layer 10,000 8 80,000 2000 layer 5,000 10 50,000 Total 60,000 $370,000 Imus Company calculates inventory cost and the cost of goods sold each year by the periodic inventory method. The company made the following purchases and sales in 2004: January 1 – June 30 Sales, 40,000 units June 30 Purchase, 160,000 units at $12 July 1 – December 31 Sales, 110,000 units The LIFO inventory cost on December 31, 2004 was: (that means ending inventory

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Maurice Tutor
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Status NEW Posted 09 Aug 2017 09:08 PM My Price 4.00

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