Question
Casey Inc. uses a LIFO cost flow assumption and a periodic inventory system, and has 300 units of product CC-0 on hand at Jan. 1,
Casey Inc. uses a LIFO cost flow assumption and a periodic inventory system, and has 300 units of product CC-0 on hand at Jan. 1, 2022, purchased for $73 each.
During 2022, Casey makes the following purchases:
-March 19: 300 units $67 each.
-August 20: 100 units $62 each
-October 13: 300 units $58 each
Casey has 350 units of CC-0 in its inventory at Dec. 31, 2022.
What is the value of Casey's ending inventory?
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Managerial Accounting
Authors: Susan V. Crosson, Belverd E. Needles
10th edition
1133940595, 978-1133940593
