A company had the following purchases and sales during its first year of operations January: February: May: September: November: Multiple Choice $3,200. On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) O $3.270 O $5,400 Purchases 10 units at $120 20 units at $125 15 units at $130 O $3.364 12 units at $135 10 units at $140 Sales 6 units 5 units 9 units 8 units. 13 units
A company had the following purchases and sales during its first year of operations January: February: May: September: November: Multiple Choice $3,200. On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) O $3.270 O $5,400 Purchases 10 units at $120 20 units at $125 15 units at $130 O $3.364 12 units at $135 10 units at $140 Sales 6 units 5 units 9 units 8 units. 13 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company had the following purchases and sales during its first year of operations:
January:
February:
May:
September:
November:
Multiple Choice
O
$3,200.
$3,270.
$5,400.
Saved
Purchases
10 units at $120
20 units at $125.
15 units at $130.
12 units at $135.
10 units at $140.
On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO inventory costing method, what is the cost of
the ending inventory? (Assume all sales were made on the last day of the month.)
$3,364.
Sales
6 units
5 units
9 units.
8 units.
13 units.
4
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