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50. Meineke reported the following April activity for its VC-30 motor oil, which had a balance of 300 qts. @$2.40 on April 1. Purchases:
50. Meineke reported the following April activity for its VC-30 motor oil, which had a balance of 300 qts. @$2.40 on April 1. Purchases: Sales: Apr. 10 500 qts @ $2.50 Apr. 3 200 qts Apr. 14 400 qts @ $2.60 Apr. 12 500 qts Apr 20 400 qts @ $2.65 Apr. 26 300 qts The ending inventory assuming LIFO and a perpetual inventory system is: 4/1 300 at 2.40) 4/3 sold 200 4/10 P5009+ 2.50 4/12 Sold 500 4/14 P 400 9+ 2.60 100
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Essentials of Accounting for Governmental and Not-for-Profit Organizations
Authors: Paul A. Copley
10th Edition
007352705X, 978-0073527055
