Purchases and sales during a recent period for Lantern,Inc.were:
Beginning inventory was 100 units at $1 each.
-See information for Lantern,Inc.above.Given this information,what is the ending inventory if the periodic FIFO costing alternative is used?

Question

Purchases and sales during a recent period for Lantern,Inc.were:
  Beginning inventory was 100 units at $1 each.
-See information for Lantern,Inc.above.Given this information,what is the ending inventory if the periodic FIFO costing alternative is used?

Quizplus · Accepted Answer

The ending inventory under the periodic FIFO costing alternative is $1,250. This is because the ending inventory is made up of the most recent purchases, which were made at a cost of $500 per unit.

Purchases and Sales During a Recent Period for Lantern,Inc