Question
Concord Corporation just began business and made the following four inventory purchases in June: June 1 110 units $660 June 10 160 units 1088 June
Concord Corporation just began business and made the following four inventory purchases in June:
| June 1 | 110 units | $660 | ||
| June 10 | 160 units | 1088 | ||
| June 15 | 160 units | 1184 | ||
| June 28 | 110 units | 858 | ||
| $3790 |
A physical count of merchandise inventory on June 30 reveals that there are 170 units on hand. Using the LIFO inventory method, the value of the ending inventory (rounded to whole dollar) on June 30 is
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Contemporary Auditing Real Issues And Cases
Authors: Michael C. Knapp
7th Edition
0324658052, 978-0324658057
