94)A company's inventory records indicate the following data for the month of January:DateJanuary 1ActivitiesBeginninginventoryJanuary 8 PurchaseJanuary 12January 17 PurchaseSaleJanuary 23 SaleJanuary 28 PurchaseA) $6,600.B) $15,040.C) $12,480.D) $18,080.E) $20,640.Units Acquired at Cost Units Sold atRetail360 units @ $18 =$6,480340 units @ $20 =$6,800400 units @ $22 =$8,800460 units @ $24 =$11,040600 units @ $70300 units @ $70If the company uses the LIFO periodic inventory system, what would be the cost of the endinginventory?

Name: 94)A company's inventory records indicate the following data for the
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Description: 94)A company's inventory records indicate the following data for the month of January:DateJanuary 1ActivitiesBeginninginventoryJanuary 8 PurchaseJanuary 12January 17 PurchaseSaleJanuary 23 SaleJanuary 28 PurchaseA) $6,600.B) $15,040.C) $12,480.D) $1

LIFO (last in First out)As per the name shown under this valuation inventory units purchased latest…

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94) A company's inventory records indicate the following data for the month of January: Date January 1 January 8 January 12 January 17 January 23 January 28 Activities Beginning inventory Purchase Sale Purchase Sale Purchase Units Acquired at Cost Units Sold at Retail 360 units @ $18 $6,480 340 units @ $20 $6,800 400 units @ $22 = 460 units @ $24 = $8,800 = $11,040 600 units @ $70 300 units @ $70 If the company uses the LIFO periodic inventory system, what would be the cost of the ending inventory?

94) A company's inventory records indicate the following data for the month of January: Date January 1 January 8 January 12 January 17 January 23 January 28 Activities Beginning inventory Purchase Sale Purchase Sale Purchase Units Acquired at Cost Units Sold at Retail 360 units @ $18 $6,480 340 units @ $20 $6,800 400 units @ $22 = 460 units @ $24 = $8,800 = $11,040 600 units @ $70 300 units @ $70 If the company uses the LIFO periodic inventory system, what would be the cost of the ending inventory?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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