Question
Ben's Gasoline has the following inventory information: July 1, 2020, inventory: 1,000 gallons @ $7.20 = $7,200 The company sold 2,300 gallons during July. Purchases:
Ben's Gasoline has the following inventory information:
July 1, 2020, inventory: 1,000 gallons @ $7.20 = $7,200
The company sold 2,300 gallons during July.
| Purchases: |
|
|
|
|
|
|
| July 9 | 600 | gals | @ | $ | 7.25 |
|
| July 13 | 800 | gals | @ | $ | 7.30 |
|
| July 21 | 600 | gals | @ | $ | 7.35 |
|
Ending inventory assuming LIFO in a periodic inventory system would be:
Group of answer choices
$5,040.
$5,055.
$5,075.
$5,135.
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Equity Asset Valuation
Authors: Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, John D. Stowe, Abby Cohen
2nd Edition
470571439, 470571438, 9781118364123 , 978-0470571439
