Right Images Printing uses perpetual LIFO in valuing its inventory.The January 1 inventory amounted to 36 units at $6 each.Purchases and sales during January were as follows: $\begin{array}{llll}
&\text { Purchases }&&\text { Sales }\
\text { Jan. } 10 & 20 \text { units } @ \$ 8 & \text { Jan. } 5 & 10 \text { unit } \
17 & 24 \text { units } @ \$ 10 & 15 & 22 \text { unit }
\end{array}$
The cost of the ending inventory was
A)$424
B)$312
C)$384
D)$336

Question

Right Images Printing uses perpetual LIFO in valuing its inventory.The January 1 inventory amounted to 36 units at $6 each.Purchases and sales during January were as follows: $\begin{array}{llll}
&\text { Purchases }&&\text { Sales }\ 
\text { Jan. } 10 & 20 \text { units } @ \$ 8 & \text { Jan. } 5 & 10 \text { unit } \
17 & 24 \text { units } @ \$ 10 & 15 & 22 \text { unit }
\end{array}$
 The cost of the ending inventory was
A)$424
B)$312
C)$384
D)$336

Quizplus · Accepted Answer

The Answer of Right Images Printing uses perpetual LIFO in valuing its inventory.The January 1 inventory amounted to 36 units at $6 each.Purchases and sales during January were as follows: $\begin{array}{llll}
&\text { Purchases }&&\text { Sales }\ 
\text { Jan. } 10 & 20 \text { units } @ \$ 8 & \text { Jan. } 5 & 10 \text { unit } \
17 & 24 \text { units } @ \$ 10 & 15 & 22 \text { unit }
\end{array}$
 The cost of the ending inventory was
A)$424
B)$312
C)$384
D)$336

Right Images Printing Uses Perpetual LIFO in Valuing Its Inventory