Question
The units of an item available for sale during the year were as follows: Jan 1 Inventory 23 units at 124 April 15 Purchase 133
The units of an item available for sale during the year were as follows:
Jan 1 Inventory 23 units at 124
April 15 Purchase 133 units at 114
Sep 9 Purchase 20 units at 125
There are 53 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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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
