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Baskets Inc. uses the LIFO inventory valuation method. They opened for business on June 1, 2021 and reported the following purchases and sales during the
Baskets Inc. uses the LIFO inventory valuation method. They opened for business on June 1, 2021 and reported the following purchases and sales during the first part of June.
| Units | Cost | Total | |
| June 1 purchase | 100 | $8.00 | $800 |
| June 6 purchase | 120 | 8.05 | 966 |
| June 8 purchase | 150 | 8.10 | 1,215 |
| June 10 sale | 180 |
- Calculate the value of ending inventory under FIFO after the sale on June 10.
- Calculate the value of ending inventory under LIFO after the sale on June 10.
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Financial Accounting An International Introduction
Authors: David Alexander
7th Edition
129229583X, 978-1292295831
