Question
Novak Corp. has the following inventory data: July 1 Beginning inventory 37.0 units at $23.0 $851 7 Purchases 128.0 units at $24.0 3072 22 Purchases
Novak Corp. has the following inventory data:
| July 1 | Beginning inventory | 37.0 units at $23.0 | $851 | |||
| 7 | Purchases | 128.0 units at $24.0 | 3072 | |||
| 22 | Purchases | 18.0 units at $27.0 | 486 | |||
| $4409 |
A physical count of merchandise inventory on July 30 reveals that there are 59.0 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is
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Auditing And Other Assurance Services
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser
10th Canadian Edition
0131296159, 978-0131296152
