Question
Niles Co. has the following data related to an item of inventory: Inventory, March 1: 400 units @ $2.10 Purchase, March 7: 1,400 units @
Niles Co. has the following data related to an item of inventory:
Inventory, March 1: 400 units @ $2.10
Purchase, March 7: 1,400 units @ $2.20
Purchase, March 16: 280 units @ $2.25
Inventory, March 31: 520 units
What is the value assigned to the ending inventory if Niles Co. uses LIFO?
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen and Peter Brewer
14th edition
978-007811100, 78111005, 978-0078111006
