Question
Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sep. 1 Inventory 20 units
Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September:
| Sep. 1 | Inventory | 20 units at $20 |
| 4 | Sold | 10 units |
| 10 | Purchased | 30 units at $25 |
| 17 | Sold | 20 units |
| 30 | Purchased | 10 units at $30 |
If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is
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Principles Of External Auditing
Authors: Brenda Porter, David Hatherly, Jon Simon
3rd Edition
0470018259, 9780470018255
