Question
: Murray, Inc., purchased a new inventory item two times during the month of April, as follows: (Marks 2) Apr. 5 150 units @ $5.00
: Murray, Inc., purchased a new inventory item two times during the month of April, as follows: (Marks 2)
Apr. 5 150 units @ $5.00
Apr. 15 70 units @ $5.05
a. What is the amount of the ending inventory of this item on April 30 if the company has sold 75 units and uses the LIFO inventory method?
b. How would this amount differ if the company used the FIFO inventory method?
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Financial Accounting A Concepts Based Introduction
Authors: David Kolitz
1st Edition
1138844977, 978-1138844971
