LIFO Inventory Totals Trevor Company made the following inventory purchases during the month of July: Trevor Company
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LIFO Inventory Totals Trevor Company made the following inventory purchases during the month of July:
Trevor Company had 10 units of inventory on hand at July 1 at a cost of $30 each. At July 31, Trevor recorded cost of goods sold of $4,880 using a LIFO cost flow assumption.
a. How many units of inventory did Trevor Company sell in July?
b. How many units of inventory did Trevor Company have on hand at July 31?
c. What was the dollar amount reported as ending inventory at July 31?
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Related Book For 
Financial Accounting A Decision Making Approach
ISBN: 9780471328230
2nd Edition
Authors: Thomas E. King, Valdean C. Lembke, John H. Smith
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