Question
Assume XYZ Company has a beginning June inventory balance of 800 units at $3.20 per unit and sells 5,200 units during the month of June.
Assume XYZ Company has a beginning June inventory balance of 800 units at $3.20 per unit and sells 5,200 units during the month of June.
Purchases were as follows:
Purchases
June 3 2,200 @ 3.10
June 7 1,200 @ 3.30
June 15 1,800 @ 3.40
June 22 500 @ 3.50
Compute the ending inventory on a LIFO basis.
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Intermediate Accounting Volume 1
Authors: Kin Lo, George Fisher
4th Edition
013523610X, 9780135236109
