Question
A company had the following purchases and sales during its first year of operations: Purchases Sales January: 10 units at $120 6 units February:
A company had the following purchases and sales during its first year of operations: Purchases Sales January: 10 units at $120 6 units February: 20 units at $125 5 units 15 units at $130 9 units September: 12 units at $135 8 units November: 10 units at $14013 units May: On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) $3,405.
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