A company's inventory records indicate the following data for the month of January: Units Acquired at Cost 370 units@ $18 = $6,660 350 units@ $20 = $7,000 Date January 1 January 8 January 12 Activities January 17 January 23 January 28 Beginning inventory Purchase Sale Units Sold at Retail Purchase Sale Purchase 410 units@ $22= $9,020 470 units@ $24 = $11,280 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? 620 units@ $70 305 units@ $70
A company's inventory records indicate the following data for the month of January: Units Acquired at Cost 370 units@ $18 = $6,660 350 units@ $20 = $7,000 Date January 1 January 8 January 12 Activities January 17 January 23 January 28 Beginning inventory Purchase Sale Units Sold at Retail Purchase Sale Purchase 410 units@ $22= $9,020 470 units@ $24 = $11,280 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? 620 units@ $70 305 units@ $70
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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