Asked by Yesenia Gomez on Jul 28, 2024
Verified
The units of an item available for sale during the year were as follows: 
There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost using LIFO.
Ending Inventory Cost
The total value of all goods available for sale at the end of an accounting period, calculated using a specific inventory costing method like FIFO or LIFO.
LIFO
Last In, First Out is a method for valuing inventory that records the most recently manufactured goods as the first ones sold.
Periodic Inventory System
An inventory accounting system where updates to inventory levels are made on a periodic basis, not continuously, through physical counts.
- Acquire skill in understanding and implementing calculations for a range of inventory accounting methods, including FIFO, LIFO, and Average cost.
Verified Answer
Learning Objectives
- Acquire skill in understanding and implementing calculations for a range of inventory accounting methods, including FIFO, LIFO, and Average cost.
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