Question
Sheridans has the following inventory data: Nov. 1 Inventory 25 units @ $ 5.00 each 8 Purchase 101 units @ $ 5.40 each 17 Purchase
Sheridans has the following inventory data:
| Nov. 1 | Inventory | 25 units @ $ 5.00 each | ||
| 8 | Purchase | 101 units @ $ 5.40 each | ||
| 17 | Purchase | 50 units @ $ 5.30 each | ||
| 25 | Purchase | 76 units @ $ 5.50 each |
A physical count of merchandise inventory on November 30 reveals that there are 84 units on hand. Cost of goods sold (rounded) under LIFO is
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Auditing For Managers The Ultimate Risk Management Tool
Authors: K. H. Spencer Pickett, Jennifer M. Pickett
1st Edition
0470090987, 978-0470090985
