Question
MiCo opens for business in 20X3 and uses the periodic method and LIFO costing. On December 31, @0X3, there are 900 units of merchandise in
MiCo opens for business in 20X3 and uses the periodic method and LIFO costing. On December 31, @0X3, there are 900 units of merchandise in MiCos inventory @ $11, MiCos 20X4 merchandise purchases are as follow:
February 4 1,200@$14
March 10 2,000@15
July 7 3,300 @ $18
October 21 4,200 @ $20
If MiCo's December 31, 20X4 pysical count shows 1,500 units in ending inventory, then ending inventory on MiCo's balance sheet will be...
a. $21,000. b. $30,000. c. $18,300. d. $21,900
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1st Edition
1659112699, 978-1659112696
