Samson Company had the following balances and transactions during 2012. $$\begin{array} { | l | l | }
\hline \text { Beginning inventory } & 10 \text { units at } \$ 70 \
\hline \text { March } 10 & \text { Sold } 8 \text { units } \
\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 80 \
\hline \text { October 30 } & \text { Sold } 15 \text { units } \
\hline
\end{array}$$ What would the company's Inventory amount be on the December 31,2012 balance sheet if the periodic LIFO costing method is used? (Answers are rounded to the nearest dollar.)

Question

Samson Company had the following balances and transactions during 2012. $$\begin{array} { | l | l | } 
\hline \text { Beginning inventory } & 10 \text { units at } \$ 70 \
\hline \text { March } 10 & \text { Sold } 8 \text { units } \
\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 80 \
\hline \text { October 30 } & \text { Sold } 15 \text { units } \
\hline
\end{array}$$ What would the company's Inventory amount be on the December 31,2012 balance sheet if the periodic LIFO costing method is used? (Answers are rounded to the nearest dollar.)

Quizplus · Accepted Answer

The Answer of Samson Company had the following balances and transactions during 2012. $$\begin{array} { | l | l | } 
\hline \text { Beginning inventory } & 10 \text { units at } \$ 70 \
\hline \text { March } 10 & \text { Sold } 8 \text { units } \
\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 80 \
\hline \text { October 30 } & \text { Sold } 15 \text { units } \
\hline
\end{array}$$ What would the company's Inventory amount be on the December 31,2012 balance sheet if the periodic LIFO costing method is used? (Answers are rounded to the nearest dollar.)

Samson Company Had the Following Balances and Transactions During 2012