Question
Classic Floors has the following inventory data: July 1 Beginning inventory 15 units at $6.00 5 Purchases 60 units at $6.60 14 Sale 40 units
Classic Floors has the following inventory data:
| July 1 | Beginning inventory | 15 units at $6.00 | ||
| 5 | Purchases | 60 units at $6.60 | ||
| 14 | Sale | 40 units | ||
| 21 | Purchases | 30 units at $7.20 | ||
| 30 | Sale | 28 units |
Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?
|
| $354.00 |
|
| $236.40 |
|
| $465.60 |
|
| $702.00 |
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
