Question
A company had the following purchases and sales during its first year of operations: Purchases: Sales: January: 10 units @ $120 6 units February: 20
A company had the following purchases and sales during its first year of operations:
Purchases: Sales:
January: 10 units @ $120 6 units
February: 20 units at $125 5 Units
May: 15 units at $130 9 units
September: 12 units at $135 8 units
November: 10 units at $140 13 units
On December 31, there was 26 units remaining in ending inventory. Using the PERIODIC LIFO inventory valuation method, what is the cost of the ENDING INVENTORY? (assume all sales were made the last day of the month.)
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Accounting Information Systems
Authors: Vernon Richardson, Chengyee Chang, Rod Smith
2nd edition
