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Beginning Inventory, June 1 Purchase, June 8 Purchase, June 19 Inventory, June 31 Units 580 265 890 290 Price $25.85 $22.50 $21.50 1. The value assigned to ending inventory if Planter's uses a periodic LIFO system is A. $6,525.00 B. $6,235.00 C. $7,496.50 D. $6,701.90 2. The value assigned to ending inventory if Planter's uses a periodic average system is: A. $6,701.90 B. $6,525.00 C. $7,496.50 D. $6,235.00

Beginning Inventory, June 1 Purchase, June 8 Purchase, June 19 Inventory, June 31 Units 580 265 890 290 Price $25.85 $22.50 $21.50 1. The value assigned to ending inventory if Planter's uses a periodic LIFO system is A. $6,525.00 B. $6,235.00 C. $7,496.50 D. $6,701.90 2. The value assigned to ending inventory if Planter's uses a periodic average system is: A. $6,701.90 B. $6,525.00 C. $7,496.50 D. $6,235.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Beginning Inventory, June 1 Purchase, June 8 Purchase, June 19 Inventory, June 31 3. Units 580 265 890 290 1. The value assigned to ending inventory if Planter's uses a periodic LIFO system is A. $6,525.00 B. $6,235.00 C. $7,496.50 D. $6,701.90 2. The value assigned to ending inventory if Planter's uses a periodic average system is: A. $6,701.90 B. $6,525.00 C. $7,496.50 D. $6,235.00 Price $25.85 $22.50 $21.50 The value assigned to cost of goods sold if Planter's uses a periodic FIFO system is A. $6,235.00 B. $33,855.50 C. $32,594.00 D. $33,388.60 4. The value assigned to cost of goods sold if Planter's uses a perpetual FIFO system is A. $6,235.00 B. $33,855.50 C. Not enough information to determine this. D. $33,388.60
Transcribed Image Text:Beginning Inventory, June 1 Purchase, June 8 Purchase, June 19 Inventory, June 31 3. Units 580 265 890 290 1. The value assigned to ending inventory if Planter's uses a periodic LIFO system is A. $6,525.00 B. $6,235.00 C. $7,496.50 D. $6,701.90 2. The value assigned to ending inventory if Planter's uses a periodic average system is: A. $6,701.90 B. $6,525.00 C. $7,496.50 D. $6,235.00 Price $25.85 $22.50 $21.50 The value assigned to cost of goods sold if Planter's uses a periodic FIFO system is A. $6,235.00 B. $33,855.50 C. $32,594.00 D. $33,388.60 4. The value assigned to cost of goods sold if Planter's uses a perpetual FIFO system is A. $6,235.00 B. $33,855.50 C. Not enough information to determine this. D. $33,388.60
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