Question
Effie Company uses a periodic inventory system. Details for the inventory account for the month of January are as follows: Date Units Per Unit Price
Effie Company uses a periodic inventory system. Details for the inventory account for the month of January are as follows:
|
| Date | Units | Per Unit Price | Total Cost |
| Balance | January 1 | 200 | $ 5.00 | $ 1,000 |
| Purchase | 15 | 100 | $ 5.30 | 530 |
| Purchase | 28 | 100 | $ 5.50 | 550 |
An end of the month (January 31) inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
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How To Be A Good Accountant A Comprehensive Guide To Developing Professional Accounting Qualities
Authors: WILLIAM S. CUSSON
1st Edition
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