Question
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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Analysing Financial Performance Using Integrated Ratio Analysis
Authors: Nic La Rosa
1st Edition
0367552523, 978-0367552527
