Pelham Inc. had no inventory as of August 1. It had the following transactions during August: August 1: purchased 2 inventory items for $4 each August 10: purchased 3 inventory items for $3.75 each August 15: sold 1 item for $8 August 20: purchased 3 more inventory items for $4.25 each. August 25: sold 3 items for $8.20 each. Assuming LIFO and a perpetual inventory system, what is ending inventory at August 31?

Pelham Inc. had no inventory as of August 1. It had the following transactions during August: August 1: purchased 2 inventory items for $4 each August 10: purchased 3 inventory items for $3.75 each August 15: sold 1 item for $8 August 20: purchased 3 more inventory items for $4.25 each. August 25: sold 3 items for $8.20 each. Assuming LIFO and a perpetual inventory system, what is ending inventory at August 31?

Name: Pelham Inc. had no inventory as of August 1. Ithad the following tran
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Description: Pelham Inc. had no inventory as of August 1. Ithad the following transactions during August:August 1: purchased 2 inventory items for $4eachAugust 10: purchased 3 inventory items for$3.75 eachAugust 15: sold 1 item for $8August 20: purchased 3 more

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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