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LuCo begins operations in 20X4 and uses the periodic method and LIFO costing. Its merchandise purchases are as follows: 20X4 20X5 20X6 March 300 @
LuCo begins operations in 20X4 and uses the periodic method and LIFO costing. Its merchandise purchases are as follows:
20X4 | 20X5 | 20X6 | |
March | 300 @ $4 | 600 @ $8 | 900 @ $11 |
July | 500 @ $5 | 900 @ $12 | 600 @ $14 |
September | 200 @ $7 | 100 @ $9 | 700 @ $13 |
November | 400 @ $6 | 700 @ $10 | 100 @ $16 |
Assume, instead, that LuCo's December 31, 20X4 ending inventory is 300 units; its December 31, 20X5 ending inventory is 800 units; and its December 31, 20X6 ending inventory is 600 units (which is lower than its 20X6 beginnig inventory). What is LuCo's December 31, 20X6 ending inventory?
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