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A company's inventory records indicate the following data for the month of January: Date Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 550 units @ $18 - $9.900 January 8 Purchase 530 units@ $20-$10,600 January 12 Sale January 17 Purchase January 23 Sale January 28 Purchase $8.690. $21,690. $20,650. Activities $26,220. O $27,390. 590 units @ $22 - $12,980 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? 650 units @ $24 - $15,600 980 units @ $70 395 units @ $70

A company's inventory records indicate the following data for the month of January: Date Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 550 units @ $18 - $9.900 January 8 Purchase 530 units@ $20-$10,600 January 12 Sale January 17 Purchase January 23 Sale January 28 Purchase $8.690. $21,690. $20,650. Activities $26,220. O $27,390. 590 units @ $22 - $12,980 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? 650 units @ $24 - $15,600 980 units @ $70 395 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 Units Sold at Retail January 1 Beginning inventory 550 units @ $18 - $9.900 January 8 Purchase 530 units @ $20-$10,600 January 12 Sale January 17 Purchase January 23 Sale January 28 Purchase O $8,690. O $21,690. $20,650. $26,220. 590 units @ $22 - $12,980 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? $27,390. 650 units @ $24 - $15,600 980 units @ $70 395 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 Units Sold at Retail January 1 Beginning inventory 550 units @ $18 - $9.900 January 8 Purchase 530 units @ $20-$10,600 January 12 Sale January 17 Purchase January 23 Sale January 28 Purchase O $8,690. O $21,690. $20,650. $26,220. 590 units @ $22 - $12,980 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? $27,390. 650 units @ $24 - $15,600 980 units @ $70 395 units @ $70
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