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A company that sells flux capacitors uses LIFO for its inventory accounting. It had 100 flux capacitors in Inventory on 12/31/2011 with a total cost of $100,000. The company bought 50 flux capacitors costing $55,000 on 3/3/12; another 50 flux capacitors costing $65,000 on 6/6/12; and another 100 flux capacitors costing $140,000 on 9/9/12. During 2012, the company sold 150 flux capacitors. What was the balance in Inventory on 12/31/2012?
ByAdmin9. Question 9 A company that sells flux capacitors uses LIFO for its inventory accounting. It had 100 flux capacitors in Inventory on 12/31/2011 with a total cost of $100,000….