Question
5. The 123 Accounting Company sells accounting videos. The following information has been extracted from the records of 123 Accounting Co. January 1: Opening Inventory
5. The 123 Accounting Company sells accounting videos. The following information has been extracted from the records of 123 Accounting Co.
January 1: Opening Inventory is 60 units @$10/each
January 10: Bought 100 units @$11 each
January 15: Bought 100 units @$13 each
January 20: Sold 220 units @$20 each
January 25: Bought 40 units @ $15 each
If 123 Accounting uses the LIFO cost flow assumption and the periodic method for inventory, the ending inventory for January, is
$1,760
$1,840
None of the above
$1,120
$820
Inventory should be shown on the balance sheet at:
None of the above
Market
Net realizable value
Higher of cost or market
Cost
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