Accounting LIFO Questions?
. Gott Company adopted the dollar-value LIFO inventory method on 12/31/09. On this date, its inventory consisted of the following items.
ItemNumber of UnitsCost Per UnitTotal Cost
X200$2.00$ 400
Y6004.50 2,700
$3,100
Additional information: December 31
2010 2011
1.Units of X in inventory300400
2.Cost of each X unit$3.00$3.25
3.Units of Y in inventory8001,200
4.Cost of each Y unit$5.50$6.00
(a)Calculate the 12/31/10 inventory. Label all numbers.
(b)Calculate the 12/31/11 inventory. Label all numbers.
THIS IS MADNESS..
no.
THIS. IS. SPARTA!!!!
