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Moroni Industries has the following inventory information. July 1 Beginning Inventory 10 units at $120 5 Purchases 60 units at $112 14 Sale 40 units
Moroni Industries has the following inventory information.
July | 1 |
| Beginning Inventory | 10 units at $120 |
| 5 |
| Purchases | 60 units at $112 |
| 14 |
| Sale | 40 units |
| 21 |
| Purchases | 30 units at $115 |
| 30 |
| Sale | 35 units |
Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis
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