Accounting · Inventory Valuation
Consider the following information: Jan 1: Inventory in hand - 200 units @ Rs. 7 per unit Jan 6: Issued for sale - 100 units Jan 8: Purchases - 1100 units @ Rs. 8 per unit Jan 9: Issued for sale - 200 units Jan 25: Purchases - 300 units @ Rs. 9 per unit Which one of the following is the value of inventory on January 31 under the perpetual inventory system using the Last-In-First-Out (LIFO) method?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Rs. 6,600
- 2Rs. 8,600
- 3Rs. 10,600✓
- 4Rs. 12,000
Correct answer
Rs. 10,600
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