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A company just starting business made the following four inventory purchases in June: June 1 June 10 June 15 June 28 120 units $390 200 units 200 units 190 units 600 700 560 $2250 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 O $805. O $1650. O $1445. O $600.

A company just starting business made the following four inventory purchases in June: June 1 June 10 June 15 June 28 120 units $390 200 units 200 units 190 units 600 700 560 $2250 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 O $805. O $1650. O $1445. O $600.

FINANCIAL ACCOUNTING
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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Current Attempt in Progress A company just starting business made the following four inventory purchases in June: June 1 June 10 June 15 June 28 120 units 200 units 200 units 190 units $390 O $805. O $1650. O $1445. O $600. 600 700 560 $2250 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
Transcribed Image Text:Current Attempt in Progress A company just starting business made the following four inventory purchases in June: June 1 June 10 June 15 June 28 120 units 200 units 200 units 190 units $390 O $805. O $1650. O $1445. O $600. 600 700 560 $2250 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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