Samson Company had the following balances and transactions during 2009.
$$\begin{array} { | l | l | }
\hline \text { Beginning inventory } & 10 \text { units at } \$ 70 \
\hline \text { March } 10 & \text { sold } 8 \text { units for } \$ 100 \
\hline \text { June } 10 & \text { purchased } 20 \text { units at } \$ 80 \
\hline \text { October } 30 & \text { sold } 15 \text { units for } \$ 100 \
\hline
\end{array}$$ What would the company's inventory amount be on the December 31, 2009 balance sheet if the periodic Last-in, First-out costing method is used?

Question

Samson Company had the following balances and transactions during 2009.
$$\begin{array} { | l | l | } 
\hline \text { Beginning inventory } & 10 \text { units at } \$ 70 \
\hline \text { March } 10 & \text { sold } 8 \text { units for } \$ 100 \
\hline \text { June } 10 & \text { purchased } 20 \text { units at } \$ 80 \
\hline \text { October } 30 & \text { sold } 15 \text { units for } \$ 100 \
\hline
\end{array}$$ What would the company's inventory amount be on the December 31, 2009 balance sheet if the periodic Last-in, First-out costing method is used?

Quizplus · Accepted Answer

The Answer of Samson Company had the following balances and transactions during 2009.
$$\begin{array} { | l | l | } 
\hline \text { Beginning inventory } & 10 \text { units at } \$ 70 \
\hline \text { March } 10 & \text { sold } 8 \text { units for } \$ 100 \
\hline \text { June } 10 & \text { purchased } 20 \text { units at } \$ 80 \
\hline \text { October } 30 & \text { sold } 15 \text { units for } \$ 100 \
\hline
\end{array}$$ What would the company's inventory amount be on the December 31, 2009 balance sheet if the periodic Last-in, First-out costing method is used?

Samson Company Had the Following Balances and Transactions During 2009