Question
Venus Wholesale Company started carrying a new product in December. Purchases and sales of this product during the month were: December 20 Purchased 260 units
Venus Wholesale Company started carrying a new product in December. Purchases and sales of this product during the month were:
December 20 | Purchased 260 units at $96 per unit. |
---|---|
December 26 | Sold 250 units. |
December 28 | Purchased 260 units at $102 per unit. |
Assuming the LIFO flow assumption is in use, the perpetual inventory records will indicate an ending inventory of this product of:
$27,280.
$27,080.
$22,560.
$24,660.
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Core Concepts of Accounting
Authors: Cecily A. Raiborn
2nd edition
470499478, 978-0470499474
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