Question
The units of an item available for sale during the year were as follows: Jan 1 Inventory 21 units at 129 April 15 Purchase 141
The units of an item available for sale during the year were as follows:
Jan 1 Inventory 21 units at 129
April 15 Purchase 141 units at 117
September 9 Purchase 28 units at 131
There are 41 units of the item in the physical inventory at December 31. The periodicinventory system is used. Determine the inventory cost using the last-in, first-out(LIFO)
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Horngrens Accounting
Authors: Tracie L. Miller nobles, Brenda L. Mattison, Ella Mae Matsumura
12th edition
9780134487151, 013448715X, 978-0134674681
