Lisa Company uses the periodic inventory system to account for inventories. Information related to Lisa Company's inventory at October 31 is given below: October
1
Beginning inventory
390 units x $9.80 = $3,822
8
Purchase
790 units x $10.50 = 8,295
16
Purchase
590 units x $10.60 = 6,254
24
Purchase
195 units x $11.60 = 2,262
Total units and cost
1,965 units $20,633

The value of ending inventory will be items of latest purchase.

Step-by-step explanation:

Given that,

Lisa Company uses the periodic inventory system to account for inventories.

Information related to Lisa Company's inventory at October 31 is given,

Suppose, find the value of ending inventory using the FIFO cost assumption if 500 units remains on hand at october 31

We need to calculate the value of ending inventory

Using FIFO method

Hence, The value of ending inventory will be items of latest purchase.

add all the numbers and check the ones place.

the answer is 486. as the ones place is more than 4, the estimation will be the next 10 ie, 490

answer: city needs 2.4 inches of rainfall more to match the record of 40 inches.

step-by-step explanation:

since we have given that

total annual rainfall a city record = 40 inches

this year, total rainfall recorded = 37.6 inches

number of inches of rainfall   is needed to match the record of 40 inches is given by

hence, city needs 2.4 inches of rainfall more to match the record of 40 inches.