Question
A company's inventory records indicate the following data for the month of January: Jan. 1 Beginning 180 units at $9 each Jan. 5 Purchase 170
A company's inventory records indicate the following data for the month of January:
| Jan. 1 | Beginning | 180 units at $9 each |
| Jan. 5 | Purchase | 170 units at $10 each |
| Jan. 9 | Sale | 300 units at $35 each |
| Jan. 14 | Purchase | 200 units at $11 each |
| Jan. 20 | Sale | 150 units at $35 each |
| Jan. 30 | Purchase | 230 units at $12 each |
If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory?
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| Purchases | Sales | Balance | ||||||
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| Units | Unit cost | Total | Units | Unit cost | Total | Units | Unit cost | Total |
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian edition
978-1119496496
