Question
9. Kiner Co. uses a periodic inventory system and has the following data related to an item of inventory: Inventory, March 1 100 units @
9. Kiner Co. uses a periodic inventory system and has the following data related to an item of inventory: Inventory, March 1 100 units @ $4.20 Purchase, March 7 350 units @ $4.40 Purchase, March 16 70 units @ $4.50 Inventory, March 31 130 units The value assigned to ending inventory if Kiner uses LIFO is A) $579. B) $552. C) $546. D) $585.
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Financial Accounting An Integrated Approach
Authors: Michael Gibbins
6th Edition
0176407251, 978-0176407254
