Question
2) Orpa Company had a beginning inventory of 430 units with a total cost of $2,580. During the year purchases were: March 10 600 units
2) Orpa Company had a beginning inventory of 430 units with a total cost of $2,580. During the year purchases were:
March 10 600 units at $ 7
May 25 700 units at $ 8.5
Aug. 20 450 units at $ 9
Nov. 5 550 units at $ 9.5
Orpa uses a periodic inventory system. Sales totalled 2,100 units.
Instructions:
Determine the ending inventory & cost of goods sold under LIFO. (7)
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Essentials Of Federal Taxation 2019
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
10th Edition
1260189988, 1260189678, 9781260189674, 978-1259917103, 125991710X, 978-1260190045
