Question
Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 159 17 Purchase 1
Three identical units of Item K113 are purchased during July, as shown below.
| Item K113 | Units | Cost | ||
| July | 9 | Purchase | 1 | 159 |
| 17 | Purchase | 1 | 168 | |
| 26 | Purchase | 1 | 191 |
Assume that one unit is sold on July 31 for $265. Determine the ending inventory on July 31 using the last-in,first-out (LIFO) method.
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Financial Accounting A Business Process Approach
Authors: Jane L Reimers
2nd Edition
131473867, 978-0131473867
