The following units of a particular item were purchased and sold during the period: Beginning inventory 40
Question:
The following units of a particular item were purchased and sold during the period:
Beginning inventory 40 units at $20 First purchase 50 units at $21 Second purchase 50 units at $22 First sale 110 units Third purchase 50 units at $23 Second sale 45 units.
What is the cost of the 35 units on hand at the end of the period as determined under the perpetual inventory system by the LIFO costing method?
a. $715
b. $705
c. $700
d. $805.
AppendixLO1
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Related Book For 
Corporate Financial Accounting
ISBN: 9781337398176
15th Edition
Authors: Carl Warren, Jefferson Jones
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