Using the LIFO metod-mult. choice acct.?

Question

date units purchased total cost of units purch
jan 1 125 units $1,000
jan 8 150 units $1,150
jan 18 225 units $825
jan 30 200 units $750

Using the LIFO inventory method, the value of the ending inventory on Jan. 31 is:

a.1,073
b.1,511
c.1,575
d.2,242


Using the average cost method, the amount allocated to the ending inventory on Jan 31 is:

a. 2,250
b. 1,703
c. 1,596
d. 1,389

Using the FICO method, the amount allocated to cost of goods sold for Jan 31 is:

a. 1,117
b. 1,511
c. 1,672
d. 2,608

Answer 1

You didn't say how many units are in ending inventory.