Question
Transactions for the month of June were: Purchases Sales June 1 (balance) 3,200 @ $3.20 June 2 2,400 @ $5.50 3 8,800 @ 3.10 6
Transactions for the month of June were:
Purchases Sales
June 1 (balance) 3,200 @ $3.20 June 2 2,400 @ $5.50
3 8,800 @ 3.10 6 6,400 @ 5.50
7 4,800 @ 3.30 9 4,000 @ 5.50
15 7,200 @ 3.40 10 1,600 @ 6.00
22 2,000 @ 3.50 18 5,600 @ 6.00
25 800 @ 6.00
Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is?
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Financial Accounting Concepts And Applications
Authors: K. Fred Skousen, James D. Stice, Earl Kay. Stice, W. Steve Albrecht
7th Edition
0538876255, 978-0538876254
