Question
The following units of a particular item were available for sale during the year: Beginning inventory 33 units @ $47 Sale 16 units @ $66
The following units of a particular item were available for sale during the year:
Beginning inventory 33 units @ $47
Sale 16 units @ $66
First purchase 26 units @ $50
Sale 25 units @ $67
Second purchase 13 units @ $52
Sale 22 units @ $69
The firm uses the perpetual inventory system, and there are 9 units of the item on hand at the end of the year.
What is the total cost of the ending inventory according to LIFO?
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Cost Determination A Conceptual Approach
Authors: Joel S. Demski
1st Edition
0813803608, 978-0813803609
