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Glitter Enterprises started the period with 70 units in beginning inventory that cost $2.30 each. During the period, the company purchased inventory items as follows. Glitter sold 260 units after purchase 3 for $10.60 each. Purchase Number of Items Cost 1 240 $ 2.80 2 170 $2.90 3 50 $ 3.30 If the company uses the LIFO cost flow method, Glitter's ending inventory would be: $891. $721. $621. O $783.

Glitter Enterprises started the period with 70 units in beginning inventory that cost $2.30 each. During the period, the company purchased inventory items as follows. Glitter sold 260 units after purchase 3 for $10.60 each. Purchase Number of Items Cost 1 240 $ 2.80 2 170 $2.90 3 50 $ 3.30 If the company uses the LIFO cost flow method, Glitter's ending inventory would be: $891. $721. $621. O $783.

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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Glitter Enterprises started the period with 70 units in beginning inventory that cost $2.30 each. During the period, the company purchased inventory items as follows. Glitter sold 260 units after purchase 3 for $10.60 each. Purchase Number of Items Cost 1 240 $ 2.80 2 170 $2.90 3 50 $ 3.30 If the company uses the LIFO cost flow method, Glitter's ending inventory would be: ○ $891. O $721. O $621. O $783.
Transcribed Image Text:Glitter Enterprises started the period with 70 units in beginning inventory that cost $2.30 each. During the period, the company purchased inventory items as follows. Glitter sold 260 units after purchase 3 for $10.60 each. Purchase Number of Items Cost 1 240 $ 2.80 2 170 $2.90 3 50 $ 3.30 If the company uses the LIFO cost flow method, Glitter's ending inventory would be: ○ $891. O $721. O $621. O $783.
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