Question
Sheridan Company has the following inventory data: July 1 Beginning inventory 32 units at $ 15 $ 480 7 Purchases 85 units at $ 24
Sheridan Company has the following inventory data:
July 1 | Beginning inventory | 32 units at $15 | $480 | |||
7 | Purchases | 85 units at $24 | 2040 | |||
22 | Purchases | 13 units at $16 | 208 | |||
$2728 |
A physical count of merchandise inventory on July 30 reveals that there are 40 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is
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Financial Accounting Information for Decisions
Authors: John J. Wild
8th edition
125953300X, 978-1259533006
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