Question
Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 335 qts. @ $3.10 per quart on April
Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 335 qts. @ $3.10 per quart on April 1. Purchases: Apr. 10 Apr. 14 Apr 20 535 qts @$3.20 Sales: Apr. 3 270 qts 435 qts @$3.30 Apr. 12 535 qts 435 qts $3.35 Apr. 26 335 qts The ending inventory assuming LIFO and a periodic inventory system is (Round your final answer to two decimal places.) Multiple Choice $1,996.50. $1,926.50 $1,991.50. $1,886.50
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
