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A company just starting business made the following four inventory purchases in June: Total Cost June 1 150 units $ 390 June 10 200 units
A company just starting business made the following four inventory purchases in June:
Total Cost
June 1 150 units $ 390
June 10 200 units 585
June 15 200 units 630
June 28 150 units 495
$2,100
A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Selling price per unit is $5.
Using the LIFO inventory method, the value of the ending inventory on June 30 is
$536. | ||
$653. | ||
$1,447. | ||
$1,564. |
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