Question
Inventory data of Tehreem Traders is appended below: Date Quantity Cost per unit $ Total Cost $ Jan 1 Beginning inventory 100 18.0 1,800 Mar
Inventory data of Tehreem Traders is appended below:
| Date | Quantity | Cost per unit $ | Total Cost $ | |
| Jan 1 | Beginning inventory | 100 | 18.0 | 1,800 |
| Mar 4 | Purchases | 400 | 19.0 | 7,600 |
| May 8 | Purchases | 800 | 20.0 | 16,000 |
| Nov 3 | Purchases | 500 | 21.0 | 10,500 |
| Merchandise available | 1,800 | 35,900 | ||
Sales during the year were 1,280 units. The cost of ending inventory under periodic inventory system using LIFO method is:
- A. $10,900
- B. $9,800
- C. $9,360
- D. $9,630
- E. $11,368
- F. $10,371
- G.a credit to cash account of $812
- H.a debit to suspense account of $54
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Accounting The Basis For Business Decisions
Authors: Robert F. Meigs, Jan R. Williams, Susan F Haka, Mark S. Bettner
International 11th Edition
007115809X, 978-0071158091
