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Question
lifo inventory assumptions:
beginning inventory of 10 units @$5 = $50
purchases month #1 of 10 units @$10 = $100
purchases month #2 of 10 units @$15 = $150
cost of goods available for sale (subtotal) = $300
less ending inventory of 10 units
equals cost of goods sold (also known as cost of sales)
under the lifo inventory method, what is the ending inventory amount?
a $150
b $100
c $50
d none of the above
Answer
This answer is hidden. It contains 1 characters.
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