Question
Castle TV, Incorporated purchased 1,700 monitors on January 5 at a per-unit cost of $147, and another 1,700 units on January 31 at a per-unit
Castle TV, Incorporated purchased 1,700 monitors on January 5 at a per-unit cost of $147, and another 1,700 units on January 31 at a per-unit cost of $258. In the period from February 1 through year-end, the company sold 3,200 units of this product. At year-end, 200 units remained in inventory.
Assume that Castle TV, Incorporated uses the LIFO flow assumption. The cost of the 200 units in the year-end inventory is:
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Fundamental Managerial Accounting Concepts
Authors: Thomas P Edmonds, Philip R Olds
9th Edition
1259969509, 9781259969508
