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Moroni Industries has the following inventory information. July 1 Beginning Inventory 40 units at $120 5 Purchases 240 units at $112 14 Sale 160 units
Moroni Industries has the following inventory information.
| July 1 | Beginning Inventory | 40 units at $120 |
| 5 | Purchases | 240 units at $112 |
| 14 | Sale | 160 units |
| 21 | Purchases | 120 units at $115 |
| 30 | Sale | 140 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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Financial Accounting Information for Decisions
Authors: John Wild
7th edition
78025893, 978-0078025891
