Coronado Industries has the following inventory information. July Beginning 1 Inventory 50 units at $130 230 units at 5 Purchases $109 14 Sale 170 units 120 units at 21 Purchases $115 30 Sale 120 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis? $35480 O $13040 O $12650 O $35500

Coronado Industries has the following inventory information. July Beginning 1 Inventory 50 units at $130 230 units at 5 Purchases $109 14 Sale 170 units 120 units at 21 Purchases $115 30 Sale 120 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis? $35480 O $13040 O $12650 O $35500

Name: **Inventory Management Using LIFO Method****Coronado Industries Inven
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Description: **Inventory Management Using LIFO Method****Coronado Industries Inventory Details for July:**- **July 1: Beginning Inventory** - 50 units at $130 each - **July 5: Purchases** - 230 units at $109 each- **July 14: Sale** - 170 units- **July 21: Pu

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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