A firm that sells a single product had a beginning inventory of 7,000 units with a total cost of $56,000. Early in the year, 11,000 units were purchased at $9 each. Using LIFO, what is the value of the ending inventory of 3,000 units? Multiple Choice $24,000 $25,500 $27,000 $56,000

A firm that sells a single product had a beginning inventory of 7,000 units with a total cost of $56,000. Early in the year, 11,000 units were purchased at $9 each. Using LIFO, what is the value of the ending inventory of 3,000 units? Multiple Choice $24,000 $25,500 $27,000 $56,000

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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Question

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A firm that sells a single product had a beginning inventory of 7,000 units with a total cost of $56,000. Early in the year, 11.000 units were
purchased at $9 each. Using LIFO, what is the value of the ending inventory of 3,000 units?
Multiple Choice
O
$24,000
$25,500
$27,000
$56,000

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