Question
Flamengo Corporation has provided the following information about one of its inventory items: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 400
Flamengo Corporation has provided the following information about one of its inventory items:
Date Transaction Number of Units Cost per Unit
1/1 Beginning Inventory 400 $ 3,200
6/6 Purchase 800 $ 3,600 9/10 Purchase 1,300 $ 4,000
11/15 Purchase 800 $ 4,200
During the year, Flamengo sold 3,000 units. What was ending inventory using the LIFO cost flow assumption?
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Fundamental Accounting Principles Volume 2
Authors: John Wild, Ken Shaw, Barbara Chiappetta
21st Edition
0077716663, 978-0077716660
