Snug-As-A-Bug Blankets has the following inventory data: $$\begin{array} { r l c }
\text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 60 \
5 & \text { Purchases } & 180 \text { units at } \$ 56 \
14 & \text { Sale } & 120 \text { units } \
21 & \text { Purchases } & 90 \text { units at } \$ 58 \
30 & \text { Sale } & 84 \text { units }
\end{array}$$ Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July?
A)$5,496
B)$5,508
C)$5,544.
D)$5,796

Question

Snug-As-A-Bug Blankets has the following inventory data: $$\begin{array} { r l c } 
\text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 60 \
5 & \text { Purchases } & 180 \text { units at } \$ 56 \
14 & \text { Sale } & 120 \text { units } \
21 & \text { Purchases } & 90 \text { units at } \$ 58 \
30 & \text { Sale } & 84 \text { units }
\end{array}$$ Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July?
A)$5,496
B)$5,508
C)$5,544.
D)$5,796

Quizplus · Accepted Answer

The Answer of Snug-As-A-Bug Blankets has the following inventory data: $$\begin{array} { r l c } 
\text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 60 \
5 & \text { Purchases } & 180 \text { units at } \$ 56 \
14 & \text { Sale } & 120 \text { units } \
21 & \text { Purchases } & 90 \text { units at } \$ 58 \
30 & \text { Sale } & 84 \text { units }
\end{array}$$ Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July?
A)$5,496
B)$5,508
C)$5,544.
D)$5,796

Snug-As-A-Bug Blankets Has the Following Inventory Data Assuming That a Perpetual Inventory System Is Used, What Is