Question
Whispering Winds Corp. just began business and made the following four inventory purchases in June 1 138 units $960 June 10 184 units $1,440 June
Whispering Winds Corp. just began business and made the following four inventory purchases in
| June 1 | 138 units | $960 |
| June 10 | 184 units | $1,440 |
| June 15 | 184 units | $1,550 |
| June 28 | 138 units | $1,210 |
| Total | $5,160 |
A physical count of merchandise inventory on June 30 reveals that there are 190 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is
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A. $1666
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B. $1648
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C. $1322
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D. $1367
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Quality Assessment Manual For The Internal Audit Activity
Authors: The Internal Audit Foundation
2017 Edition
0894139975, 978-0894139970
