Question

Assume that Bee Bees Fish Store uses a periodic LIFO inventory system. Its ending inventory consists of 13 fish. Calculate the dollar value of its ending inventory.
Jan. 1 Beginning Inventory 10 @ $12
Jan. 5 Purchase 10 @ $15
Jan. 30 Purchase 10 @ $18
Jan. 8 Sale 17 fish

(A) $225
(B) $285
(C) $165
(D) $130

Answer 1

Answer: The answer is $165

Explanation

Date Qty Price Value Qty Price Value Qty Value

Jan1 10 12 120- - - 10 120

Jan5. 10 15 150 - - 20 270

Jan 8 - - - 17 15 255 3 15

Jan30 10 18 180 - - - 13 165

Answer 2

The dollar value of its ending inventory is option c. $165.

Calculation of  the ending inventory:

Since there is the ending inventory units i.e. 13

So

= 10 × 12 + 3 × 15

= 120 + 45

= $165

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