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The following units of an inventory item were available for sale during the year: Beginning inventory 8 units at $50 First purchase 18 units at
The following units of an inventory item were available for sale during the year: Beginning inventory 8 units at $50 First purchase 18 units at $51 Second purchase 27 units at $56 Third purchase 16 units at $61 The firm uses the periodic inventory system. During the year, 50 units of the item were sold. The value of ending inventory using LIFO is a. $961 b. $1,161 c. $1,361 d. $400
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Financial Accounting An International Introduction
Authors: David Alexander, Prof Christopher Nobes, Chris W. Nobes
4th Edition
027372164X, 978-0273721642
