Question
ABC reported the following in March for it's cleaner which is sold by the quart. March 1 inventory 300 qts @ $ 2.40 Purchases: March
ABC reported the following in March for it's cleaner which is sold by the quart.
March 1 inventory 300 qts @ $ 2.40
Purchases: March 9500 qts @ $ 2.50;March 11400 qts @ $ 2.60; and March 22400 qts @ $ 2.65
Sales:March 2200 qts; March 10500 qts;and March 25300 qts.
ABC usesLIFO and the periodic inventory system. What is the March ending inventory for ABC?
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Financial Accounting
Authors: Jamie Pratt, Michael F Peters
11th Edition
1119745322, 978-1119745327
