Question
Use the following information to answer the next two questions: Chadwick Inc. is a wholesaler of office supplies that began operations in 2013.The activity for
Use the following information to answer the next two questions:
Chadwick Inc. is a wholesaler of office supplies that began operations in 2013.The activity for Model III calculators during 2013 is shown below.(A year end physical inventory indicates 4,000 Model III calculators on hand.)
DateTransactionUnitsCost
August 1Purchase2,000$36.00
September 7Purchase3,00037.20
September 12Sales2,600
November 21Purchase3,80038.00
December 22Sales3,400
December 29Purchase1,20040.00
If Chadwick Inc. uses a LIFO periodic inventory system, the ending inventory of Model III calculators at December 31 is reported as
$146,400
$150,080
$154,000
$154,400
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