Miller Inc. is a wholesaler of office supplies. The activity for Model III calculators during August is shown below: 1. If Miller Inc. uses a FIFO periodic inventory system, the ending inventory of Model III calculators at August 31 is reported as? 2. If Miller Inc. uses a LIFO periodic inventory system, the ending inventory of Model III calculators at August 31 is reported as?

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Miller Inc. is a wholesaler of office supplies. The activity for Model III calculators during August is shown below:

1. If Miller Inc. uses a FIFO periodic inventory system, the ending inventory of Model III calculators at August 31 is reported as?

2. If Miller Inc. uses a LIFO periodic inventory system, the ending inventory of Model III calculators at August 31 is reported as?

Date
Transaction
Units
Cost
August 1
Inventory
2,000
3,000
3,600
P36.00
7
Purchase
37.20
12
Sales
21
Purchase
4,800
3,800
1,600
38.00
22
Sales
29
Purchase
38.60
Transcribed Image Text:Date Transaction Units Cost August 1 Inventory 2,000 3,000 3,600 P36.00 7 Purchase 37.20 12 Sales 21 Purchase 4,800 3,800 1,600 38.00 22 Sales 29 Purchase 38.60
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