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Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 12 units @ $16.00 11 Purchase 10 units @ $20.00
Beginning inventory, purchases, and sales data for tennis rackets are as follows:
April 3 | Inventory | 12 units @ | $16.00 |
11 | Purchase | 10 units @ | $20.00 |
14 | Sale | 11 units | |
21 | Purchase | 21 units @ | $25.00 |
25 | Sale | 10 units |
Assuming the business maintains a perpetual inventory system and calculates the cost of goods sold and ending inventory using LIFO.
Select the correct answer.
cost of goods sold $336.00 ending inventory $581.00
cost of goods sold $466.00 ending inventory $525.00
cost of goods sold $466.00 ending inventory $581.00
cost of goods sold $466.00 ending inventory $451.00
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