Evans Company had the following balances and transactions during 2016.
$$\begin{array} { | l | l | }
\hline \text { Beginning inventory } & 30 \text { units at } \$ 70 \
\hline 10 \text { March } & \text { Sold } 27 \text { units } \
\hline 10 \text { June } & \text { Purchased } 90 \text { units at } \$ 80 \
\hline 30 \text { October } & \text { Sold } 84 \text { units } \
\hline
\end{array}$$
What is the amount of the company's inventory,as disclosed in the 31 December 2016 balance sheet as per the periodic last-in,first-out (LIFO)costing method?

Question

Evans Company had the following balances and transactions during 2016.
$$\begin{array} { | l | l | } 
\hline \text { Beginning inventory } & 30 \text { units at } \$ 70 \
\hline 10 \text { March } & \text { Sold } 27 \text { units } \
\hline 10 \text { June } & \text { Purchased } 90 \text { units at } \$ 80 \
\hline 30 \text { October } & \text { Sold } 84 \text { units } \
\hline
\end{array}$$
What is the amount of the company's inventory,as disclosed in the 31 December 2016 balance sheet as per the periodic last-in,first-out (LIFO)costing method?

Quizplus · Accepted Answer

The Answer of Evans Company had the following balances and transactions during 2016.
$$\begin{array} { | l | l | } 
\hline \text { Beginning inventory } & 30 \text { units at } \$ 70 \
\hline 10 \text { March } & \text { Sold } 27 \text { units } \
\hline 10 \text { June } & \text { Purchased } 90 \text { units at } \$ 80 \
\hline 30 \text { October } & \text { Sold } 84 \text { units } \
\hline
\end{array}$$
What is the amount of the company's inventory,as disclosed in the 31 December 2016 balance sheet as per the periodic last-in,first-out (LIFO)costing method?

Evans Company Had the Following Balances and Transactions During 2016