Question
Sunland Shutters has the following inventory information. Nov. 1 Inventory 20 units @ $8.00 8 Purchase 110 units @ $4.00 17 Purchase 60 units @
Sunland Shutters has the following inventory information.
| Nov. | 1 | Inventory | 20 units @ $8.00 |
| 8 | Purchase | 110 units @ $4.00 | |
| 17 | Purchase | 60 units @ $5.00 | |
| 25 | Purchase | 110 units @ $6.00 |
A physical count of merchandise inventory on November 30 reveals that there are 70 units on hand. Assume a periodic inventory system is used. Ending inventory under LIFO is
$1368.
$420.
$1422.
$360.
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A Guide To Auditing Programmes And Projects
Authors: Andrew Schuster, APM Assurance SIG
1st Edition
191330521X, 978-1913305215
