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Beckenworth had the following purchases and sales during the first week of June: Date Activities June 1 Beginning inventory June 2 Purchase June 6 Purchase Units Acquired at Cost 5 units @ $28 = $140 10 units @ $30 = $300 6 units @ $33 = $198 Units Sold at Retail June 7 8 units Sales Using the LIFO perpetual inventory method, what was the cost of the ending inventory after the June 7 sale?

Beckenworth had the following purchases and sales during the first week of June: Date Activities June 1 Beginning inventory June 2 Purchase June 6 Purchase Units Acquired at Cost 5 units @ $28 = $140 10 units @ $30 = $300 6 units @ $33 = $198 Units Sold at Retail June 7 8 units Sales Using the LIFO perpetual inventory method, what was the cost of the ending inventory after the June 7 sale?

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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Beckenworth had the following purchases and sales during the first week of June: Date Activities June 1 Beginning inventory June 2 Purchase June 6 Purchase Units Acquired at Cost 5 units @ $28 = $140 10 units $30 = $300 6 units @ $33 = $198 Units Sold at Retail June 7 Sales 8 units Using the LIFO perpetual inventory method, what was the cost of the ending inventory after the June 7 sale? Multiple Choice $380 $424 $392
Transcribed Image Text:Beckenworth had the following purchases and sales during the first week of June: Date Activities June 1 Beginning inventory June 2 Purchase June 6 Purchase Units Acquired at Cost 5 units @ $28 = $140 10 units $30 = $300 6 units @ $33 = $198 Units Sold at Retail June 7 Sales 8 units Using the LIFO perpetual inventory method, what was the cost of the ending inventory after the June 7 sale? Multiple Choice $380 $424 $392
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