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Adam Smith Inc.. had 300 units of product A on hand at January 1, 2004, costing $42 each. Purchases of product A during January
Adam Smith Inc.. had 300 units of product A on hand at January 1, 2004, costing $42 each. Purchases of product A during January were as follows: Unit Cost $44 Date Units Jan. 10 400 18 500 46 28 200 48 A physical count on January 31, 2004 shows 400 units of product A on hand. The cost of the inventory at January 31, 2004 under the LIFO method is a. $18,800. b. $17,800. c. $17,000. d. $16,400.
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Financial and Managerial Accounting Information for Decisions
Authors: John Wild, Ken Shaw, Barbara Chiappetta
5th edition
978-1259317552, 1259317552, 978-0078025600, 78025605, 978-1259335013, 1259335011, 978-1259347641
