Business
03.02.2021 22:01
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A company had inventory on November 1 of 5 units at a cost of $21 each. On November
A company had inventory on November 1 of 5 units at a cost of $21 each. On November 2, they purchased 11 units at $23 each. On November 6 they purchased 7 units at $26 each. On November 8, 10 units were sold for $56 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale
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ashantajohnson6810
4,6(64 marks)
23.95 years
Explanation:
In this question, we use the NPER formula which is shown in the spreadsheet.
The NPER represents the time period.
Given that,
Present value = $30,000
Future value = $75,000
Rate of interest = 3.9%
The formula is shown below:
= NPER(Rate;PMT;-PV;FV;type)
The present value come in negative
So, after solving this, the answer would be 23.95 years
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