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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Governmental Accounting
Authors: Steven M. Bragg
2022nd Edition
1642210781, 978-1642210781
