Question
Samson Company had the following balances and transactions during 2015. January 1 Beginning inventory: 20 units at $70 each March 10 Purchased 10 units at
Samson Company had the following balances and transactions during 2015.
January 1 Beginning inventory: 20 units at $70 each
March 10 Purchased 10 units at $80 each
June 10 Sold 23 units for $100 each
7) What would Samson Companys inventory amount be on December 31, 2015 if the LIFO method was used?
A) $490
B) $510
C) $525
D) $560
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The Internal Auditing Handbook
Authors: K. H. Spencer Pickett
3rd Edition
0470518715, 978-0470518717
