Question
The following units of a particular item were available for sale during the year: Beginning inventory 150 units @ $755 Sale 120 units First purchase
The following units of a particular item were available for sale during the year:
| Beginning inventory | 150 units @ $755 |
| Sale | 120 units |
| First purchase | 400 units @ $785 |
| Sale | 200 units |
| Second purchase | 300 units @ $805 |
| Sale | 290 units |
The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year.
What is the total cost of ending inventory according to LIFO?
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Internal Control Anti Fraud Program Design For The Small Business
Authors: Steve Dawson
1st Edition
1119065070, 978-1119065074
