Question
Piper Pipes has the following inventory data: July 1 Beginning inventory 30 units at $120 5 Purchases 180 units at $112 14 Sale 120 units
Piper Pipes has the following inventory data:
| July 1 | Beginning inventory | 30 units at $120 | ||
| 5 | Purchases | 180 units at $112 | ||
| 14 | Sale | 120 units | ||
| 21 | Purchases | 90 units at $115 | ||
| 30 | Sale | 84 units |
Assuming that a periodic inventory system is used, what is the cost of goods sold on a LIFO basis.
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Financial and Managerial Accounting Using Excel for Success
Authors: James Reeve, Carl S. Warren, Jonathan Duchac
1st edition
1111535221, 1111535223, 9781285400914 , 978-1111993979
