The Bisset Corporation uses Raw Material A in a manufacturing process. Information as to balances on hand, purchases, and requisitions of Raw Material A is given in the following table. Raw Material A If a perpetual inventory record of Raw Material A is maintained on a LIFO basis, the 200 units in inventory at August 18 will consist of:

Question

The Bisset Corporation uses Raw Material A in a manufacturing process. Information as to balances on hand, purchases, and requisitions of Raw Material A is given in the following table. Raw Material A  If a perpetual inventory record of Raw Material A is maintained on a LIFO basis, the 200 units in inventory at August 18 will consist of:

Quizplus · Accepted Answer

On a LIFO basis, 20 of the units in inventory at August 18 would have been assigned cost per unit of $1.62, 80 of the units on hand would have been assigned a cost per unit of $1.55 and the remaining 100 units in inventory on that date would have been assigned a unit cost of $1.40 as follows:
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The Bisset Corporation Uses Raw Material a in a Manufacturing