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A company bought and sold scarves Use this data to calculate the ending inventory on the balance sheet using the LIFO method. September 1 Beginning
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A company bought and sold scarves Use this data to calculate the ending inventory on the balance sheet using the LIFO method.
September 1
Beginning Inventory
1 units at $40 each
September 10
Purchase
1 units at $45 each
September 20
Purchase
1 units at $50 each
September 30
Ending Inventory
2 units
$50
$45
$95
$85
A company bought and sold scarves Use this data to calculate the ending inventory on the balance sheet using the LIFO method.
| September 1 | Beginning Inventory | 1 units at $40 each |
| September 10 | Purchase | 1 units at $45 each |
| September 20 | Purchase | 1 units at $50 each |
| September 30 | Ending Inventory | 2 units |
| $50 | ||
| $45 | ||
| $95 | ||
| $85 |
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