Question
Sheffield uses the periodic inventory system. For the current month, the beginning inventory consisted of 7300 units that cost $13 each. During the month, the
Sheffield uses the periodic inventory system. For the current month, the beginning inventory consisted of 7300 units that cost $13 each. During the month, the company made two purchases: 2900 units at $14 each and 11800 units at $14.50 each. Sheffield also sold 13100 units during the month. Using the LIFO method, what is the ending inventory?
A. $124066.
B. $117300.
C. $115700.
D. $129050.
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Managerial Accounting Tools For Business Decision Making
Authors: Weygandt, Kimmel, Kieso
4th Edition
0470478535, 978-0470478530
