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AbCo begins operations in 20X0, uses the periodic method and LIFO costing, and purchases merchandise as follows: Month 20X0 20X1 20X2 February 150 @ $2.00
AbCo begins operations in 20X0, uses the periodic method and LIFO costing, and purchases merchandise as follows:
Month | 20X0 | 20X1 | 20X2 |
February | 150 @ $2.00 | 300 @ $4.00 | 450 @ $5.50 |
June | 250 @ $2.50 | 450 @ $6.00 | 300 @ $7.00 |
August | 100 @ $3.50 | 50 @ $4.50 | 350 @ $6.50 |
December | 200 @ $3.00 | 350 @ $5.00 | 50 @ $8.00 |
AbCo's 20X0 ending inventory is 150 units; 20X1 ending inventory, 100 units and 20X2 ending inventory, 350 units. What is AbCo's 20X2 ending inventory?
Select one:
a. $1,500
b. $1,575
c. $1,900
d. $1,975
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