Question
Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 365 qts. @ $3.70 per quart on April 1.
Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 365 qts. @ $3.70 per quart on April 1.
| Purchases: | Sales: | ||||||||
| Apr. 10 | 565 | qts | @ | $ | 3.80 | Apr. 3 | 330 | qts | |
| Apr. 14 | 465 | qts | @ | $ | 3.90 | Apr. 12 | 565 | qts | |
| Apr. 20 | 465 | qts | @ | $ | 3.95 | Apr. 26 | 365 | qts | |
The ending inventory assuming LIFO and a periodic inventory system is: (Round your final answer to two decimal places.)
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
