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A company's inventory records indicate the following data for the month of January Activities Units Acquired at Cost 560 units @ $18 $10,080. 540 units @ $20= $10,800 600 units @ $22= $13,200 Purchase: 660 units@ $24 $15,840 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? Date January 11 Beginning inventory January 8 Purchase January 121 January 17 January 23. Sale January 28 Multiple Choice Sale Purchase $8,800 $22.040 $21,080 $26.680 $27,880 Units Sold at Retail 1,000 units @ $70 400 units @ $70

A company's inventory records indicate the following data for the month of January Activities Units Acquired at Cost 560 units @ $18 $10,080. 540 units @ $20= $10,800 600 units @ $22= $13,200 Purchase: 660 units@ $24 $15,840 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? Date January 11 Beginning inventory January 8 Purchase January 121 January 17 January 23. Sale January 28 Multiple Choice Sale Purchase $8,800 $22.040 $21,080 $26.680 $27,880 Units Sold at Retail 1,000 units @ $70 400 units @ $70

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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A company's inventory records indicate the following data for the month of January Date Activities Units Acquired at Cost 560 units @ $18= $10,080. 540 units @ $20= $10,800 January 11 Beginning inventory January 8 January 121 January 17 January 23. Purchase Sale 600 units @ $22= $13,200 Purchase Sale January 28 Purchase: 660 units@ $24 $15,840 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? Multiple Choice O $8.800 $22.040 $21,080 $26,680 $27,880 Units Sold at Retail 1,000 units @ $70 400 units @ $70
Transcribed Image Text:A company's inventory records indicate the following data for the month of January Date Activities Units Acquired at Cost 560 units @ $18= $10,080. 540 units @ $20= $10,800 January 11 Beginning inventory January 8 January 121 January 17 January 23. Purchase Sale 600 units @ $22= $13,200 Purchase Sale January 28 Purchase: 660 units@ $24 $15,840 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? Multiple Choice O $8.800 $22.040 $21,080 $26,680 $27,880 Units Sold at Retail 1,000 units @ $70 400 units @ $70
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