1. A company had inventory on November 1 of 5 units at a cost of
$26 each. On November 2, they purchased 16 units at $28 each. On
November 6 they purchased 12 units at $31 each. On November 8, 14
units were sold for $61 each. Using the LIFO perpetual
inventory method, what was the value of the inventory on November 8
after the sale?
568
522
548
520
534
2. A company’s normal selling price for its product is $26 per unit. However, due to market competition, the selling price has fallen to $21 per unit. This company's current FIFO inventory consists of 140 units purchased at $22 per unit. Net realizable value has fallen to $19 per unit. Calculate the value of this company's inventory at the lower of cost or market.
2660
2610
3080
2760
2940
568
522
548
520
534
2. A company’s normal selling price for its product is $26 per unit. However, due to market competition, the selling price has fallen to $21 per unit. This company's current FIFO inventory consists of 140 units purchased at $22 per unit. Net realizable value has fallen to $19 per unit. Calculate the value of this company's inventory at the lower of cost or market.
2660
2610
3080
2760
2940