One hundred units of inventory on hand at the end of the year are recorded at their cost of $10 each using LIFO.Current replacement cost is $11.00.What amount would be reported as Inventory on the balance sheet?

Name: One hundred units of inventory on hand at the end of the year are recorded at their cost of $10 each using LIFO.Current replacement cost is $11.00.What amount would be reported as Inventory on the balance sheet?
Brand: Quizplus
Rating: 4.8 (52 reviews)

Question

Quizplus · Accepted Answer

A) Calculations: 100 × $10 = $1,000

One Hundred Units of Inventory on Hand at the End