Nest Co. recorded the following inventory information during the month of January:
Units Unit Cost Total Cos Units on Hand
Balance on 1/1 2,000 $1 $2,000 2,000
Purchased on 1/8 1,200 $3 $3,600 3,200
Sold on 1/23 1,800 1,400
Purchased on 1/28 800 $5 $4,000 2,200
Nest uses the LIFO method to cost inventory. What amount should Nest report as inventory on January 31 under each of the following methods of recording inventory?
Perpetual Periodic
a) 2,600 5,400
b) 5,400 2,600
c) 2,600 2,600
d) 5,400 5,400
2007-10-10
05:57:36
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3 answers
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asked by
Robert T
4
in
Other - Business & Finance