Question
Sheridan uses the periodic inventory system. For the current month, the beginning inventory consisted of 7400 units that costs $11 each. During the month, the
Sheridan uses the periodic inventory system. For the current month, the beginning inventory consisted of 7400 units that costs $11 each. During the month, the company made two purchases: 3100 units at $12 each and 12100 units at $12.50 each. Sheridan also sold 13000 units during the month. What is the ending inventory if the LIFO method is used?
$105600
$120000
$114624
$107800
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Financial Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
2nd Edition
0471347744, 978-0471347743
