Question
The following information was drawn from the inventory records of Preston Company. Beginning inventory (purchased in Year 1) 100 Units @ $ 10 each 1
The following information was drawn from the inventory records of Preston Company.
| Beginning inventory (purchased in Year 1) | 100 Units | @ | $ | 10 | each |
| 1st Purchase made in Year 2 | 400 Units | @ | $ | 12 | each |
| 2nd Purchase made in Year 2 | 500 Units | @ | $ | 14 | each |
| Units Sold | 950 Units | @ | $ | 15 | each |
Based on this information, which of the following represents the amount of ending inventory appearing on the balance sheet assuming a LIFO cost flow?
a 700
b 600
c 500
d 300
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Practical Steps To Forensic Auditing And Fraud Investigation
Authors: Enape Victoria Ayishetu
1st Edition
1669867048, 978-1669867043
