Shayla's Design uses a periodic inventory system.Shayla sold 33 artist kits during January.Other data for January includes: $\begin{array} { | r | l | l | }
\hline \text { Jan. 1 } & \text { Balance } & 12 \text { kits } @ \$ 30 \
\hline 11 & \text { Purchased } & 20 \text { kits } @ \$ 33 \
\hline 25 & \text { Purchased } & 26 \text { kits } @ \$ 35 \
\hline
\end{array}$ Ending inventory under the LIFO method is:

Question

Shayla's Design uses a periodic inventory system.Shayla sold 33 artist kits during January.Other data for January includes: $\begin{array} { | r | l | l | } 
\hline \text { Jan. 1 } & \text { Balance } & 12 \text { kits } @ \$ 30 \
\hline 11 & \text { Purchased } & 20 \text { kits } @ \$ 33 \
\hline 25 & \text { Purchased } & 26 \text { kits } @ \$ 35 \
\hline
\end{array}$ Ending inventory under the LIFO method is:

Quizplus · Accepted Answer

Under LIFO, the last items purchased are the first to be sold. Shayla sold 33 kits, so 26 kits from the January 25 purchase and 7 kits from the January 11 purchase are sold. The ending inventory consists of 12 kits from January 1 and 13 kits from January 11. The calculation is: (12 kits x $30) + (13 kits x $33) = $789.

Shayla's Design Uses a Periodic Inventory System Ending Inventory Under the LIFO Method Is: A)$1,141

Shayla's Design Uses a Periodic Inventory System Ending Inventory Under the LIFO Method Is:
A)$1,141