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Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory metho Units Acquired at Cost 15 units @ $32 = $480 8 units @ $37 = $296 Date June 1 June 15 June 29 The cost of the ending inventory is: Multiple Choice O Beginning inventory Sale Purchase $296 $376 Activities $584 $395 Units Sold at Retail 6 units @ $62 4

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory metho Units Acquired at Cost 15 units @ $32 = $480 8 units @ $37 = $296 Date June 1 June 15 June 29 The cost of the ending inventory is: Multiple Choice O Beginning inventory Sale Purchase $296 $376 Activities $584 $395 Units Sold at Retail 6 units @ $62 4

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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Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory metho Units Acquired at Cost 15 units @ $32 = $480 8 units @ $37 = $296 Date: June 1 June 15 June 29 The cost of the ending inventory is: Multiple Choice O Beginning inventory Sale Purchase $296 $376 $584 Activities $395 $480 Units Sold at Retail 6 units @ $62 4
Transcribed Image Text:Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory metho Units Acquired at Cost 15 units @ $32 = $480 8 units @ $37 = $296 Date: June 1 June 15 June 29 The cost of the ending inventory is: Multiple Choice O Beginning inventory Sale Purchase $296 $376 $584 Activities $395 $480 Units Sold at Retail 6 units @ $62 4
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