FIFO Purchase Date Units Cost / Unit December 1, 2017 1,000 $12 December 5, 2017 1,000 $13.5 December 17, 2017 1,000 $14
Posted: Thu May 05, 2022 5:22 am
FIFO
Purchase Date
Units
Cost / Unit
December 1, 2017
1,000
$12
December 5, 2017
1,000
$13.5
December 17, 2017
1,000
$14
LIFO
Purchase Date
Units
Cost / Unit
September 7, 2016
2,000
$11
December 17, 2017
1,000
$14
During the month ended January
31, 2018, Lenexa Printing sells 1,500 units of
inventory.
Calculate the LIFO
reserve as of January 31, 2018.
Purchase Date
Units
Cost / Unit
December 1, 2017
1,000
$12
December 5, 2017
1,000
$13.5
December 17, 2017
1,000
$14
LIFO
Purchase Date
Units
Cost / Unit
September 7, 2016
2,000
$11
December 17, 2017
1,000
$14
During the month ended January
31, 2018, Lenexa Printing sells 1,500 units of
inventory.
Calculate the LIFO
reserve as of January 31, 2018.