Question
Marigold's Staff Junkets has the following inventory information. July 1: Beginning inventory - 22 units at $94 July 5: Purchases - 117 units at $92
Marigold's Staff Junkets has the following inventory information.
July 1: Beginning inventory - 22 units at $94
July 5: Purchases - 117 units at $92
July 14: Sale - 76 units
July 21: Purchases - 61 units at $93
July 30: Sale - 60 units
Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis?
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
