Question
The units of an item available for sale during the year were as follows: Jan 1 Inventory 13 units at 129 April 15 Purchase 138
The units of an item available for sale during the year were as follows:
| Jan | 1 | Inventory | 13 | units at | 129 | |
| April | 15 | Purchase | 138 | units at | 115 | |
| September | 9 | Purchase | 26 | units at | 131 |
There are 44 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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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
