Question
The following units of an inventory item were available for sale during the year: Unit Unit Cost Beginning inventory 13 $55 First purchase 25 60
The following units of an inventory item were available for sale during the year:
| Unit | Unit Cost | ||
| Beginning inventory | 13 | $55 | |
| First purchase | 25 | 60 | |
| Second purchase | 31 | 65 | |
| Third purchase | 18 | 70 | |
The firm uses the periodic inventory system. During the year, 61 units of the item were sold.
The value of ending inventory using LIFO is
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Modern Internal Auditing Continuing Professional Education CPE Edition
Authors: Robert M. Atkisson, Victor Z. Brink, Herbert N. Witt
1st Edition
0471818828, 978-0471818823
