Green Drinks reported the following April activity for its Super Green Juice, which had a balance of 350 qts. @ $2.30 on March 1.
Purchases Sales
11-Mar 500 qt $2.40 4-Mar 200 qt
15-Mar 400 qt $2.50 13-Mar 500 qt
18-Mar 400 qt $2.55 25-Mar 300 qt
What is the ending inventory value at March 31 assuming LIFO and a periodic inventory system?
Expert Answer
Beginning inventory in qts.= 350 qts
Add : Purchase during the March month = 500 qt + 400 qt + 400qt = 1300 qt
Less : Sale during the March month = 200 qt + 500 qt + 300 qt = 1000 qt
Ending inventory in qt (as at March 31) = 350 qt +
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