Question
Montana Great Outdoors had the following inventory in fiscal 2012. The company uses the LIFO method of accounting for inventory. Beginning Inventory, August 1, 2011:
Montana Great Outdoors had the following inventory in fiscal 2012. The company uses the LIFO method of accounting for inventory.
Beginning Inventory, August 1, 2011: 140 units @ $19.50
Purchase 300 units @ $19.00
Purchase 50 units @ $20.00
Purchase 120 units @ $20.30
Ending Inventory, July 31, 2012: 130 units
The company's ending inventory in dollars for fiscal 2012 is:
Montana Great Outdoors had the following inventory in fiscal 2012. The company uses the LIFO method of accounting for inventory.
Beginning Inventory, August 1, 2011: 140 units @ $19.50
Purchase 300 units @ $19.00
Purchase 50 units @ $20.00
Purchase 120 units @ $20.30
Ending Inventory, July 31, 2012: 130 units
The company's ending inventory in dollars for fiscal 2012 is:
$2,535
$6,162
$7,200
11,866
Not enough information is available.
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