Question
Glasgow Enterprises started the period with 70 units in beginning inventory that cost $2.50 each. During the period, the company purchased inventory items as follows.
Glasgow Enterprises started the period with 70 units in beginning inventory that cost $2.50 each. During the period, the company purchased inventory items as follows. Glasgow sold 380 units after purchase 3 for $10.80 each.
| Purchase | No. of Items | Cost | ||||
| 1 | 360 | $ | 3.00 | |||
| 2 | 120 | $ | 3.10 | |||
| 3 | 60 | $ | 3.50 | |||
Glasgow's ending inventory under LIFO would be:
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Financial and managerial accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
1st edition
111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114
