Question
Company NN uses the LIFO method for inventory valuation. At the beginning of March, the company has 1,500 units of inventory at $20 per unit.
Company NN uses the LIFO method for inventory valuation. At the beginning of March, the company has 1,500 units of inventory at $20 per unit. During March, the company purchases 2,000 units at $22 per unit and sells 3,000 units at $30 per unit.
Calculate the cost of goods sold and ending inventory for March.
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
