Question
Glasgow Enterprises started the period with 80 units in beginning inventory that cost $1.90 each. During the period, the company purchased inventory items as follows:
Glasgow Enterprises started the period with 80 units in beginning inventory that cost $1.90 each. During the period, the company purchased inventory items as follows:
| Purchase | Number of Items | Cost |
|---|---|---|
| 1 | 400 | $2.40 |
| 2 | 100 | $2.50 |
| 3 | 60 | $2.90 |
Glasgow sold 265 units after purchase 3 for $7.80 each. What is Glasgow's ending inventory under LIFO?
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Valuation For Accountants A Short Course Based On IFRS
Authors: Stephen Lynn
1st Edition
9811503567, 9789811503566
