Boyne Inc Inventory Calculation Using LIFO Retail Method
Boyne Inc Inventory Calculation Using LIFO Retail Method
Boyne Inc had beginning inventory of 12000 LIFO retail method.
A) Units in inventory: 12000
B) Ending inventory: 12000
C) Cost of goods sold: 12000
D) LIFO reserve: 12000
Final answer:
The subject of this question is Business and the grade level is High School. The LIFO retail method is used to determine the cost of inventory and cost of goods sold.
Explanation:
The subject of this question is Business and the grade level is High School.
The given information relates to the LIFO (Last In First Out) retail method, which is used to determine the cost of inventory and cost of goods sold.
In this case, the beginning inventory of 12,000 units is mentioned and it is assumed that all these units were sold during the period, resulting in an ending inventory of 0. Hence, the correct answer is:
- Units in inventory: 0
- Ending inventory: 0
- Cost of goods sold: 12,000
- LIFO reserve: 0