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Sanfillipo, Incorporated had 800 units of inventory on hand at March 1 of the current year, costing $20 each. Purchases and sales of inventory during the month of March were as follows: Date March 8 March 15. March 22 March 27 Multiple Choice O 400 units @ $22 each 400 units @ $24 each O Sanfillipo uses the periodic inventory system. According to a physical count, 600 units were on hand at the end of March. The cost of goods sold for March applying the LIFO method is: $20,960. $22,400. Purchases $21,500. $20,400. Sales 600 units 400 units

Sanfillipo, Incorporated had 800 units of inventory on hand at March 1 of the current year, costing $20 each. Purchases and sales of inventory during the month of March were as follows: Date March 8 March 15. March 22 March 27 Multiple Choice O 400 units @ $22 each 400 units @ $24 each O Sanfillipo uses the periodic inventory system. According to a physical count, 600 units were on hand at the end of March. The cost of goods sold for March applying the LIFO method is: $20,960. $22,400. Purchases $21,500. $20,400. Sales 600 units 400 units

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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Sanfillipo, Incorporated had 800 units of inventory on hand at March 1 of the current year, costing $20 each. Purchases and sales of inventory during the month of March were as follows: Date March 8 March 15 March 22 March 27 400 units @ $22 each 400 units @ $24 each Multiple Choice O Sanfillipo uses the periodic inventory system. According to a physical count, 600 units were on hand at the end of March. The cost of goods sold for March applying the LIFO method is: $20,960. $22,400. Purchases $21,500. $20,400. Sales 600 units 400 units
Transcribed Image Text:Sanfillipo, Incorporated had 800 units of inventory on hand at March 1 of the current year, costing $20 each. Purchases and sales of inventory during the month of March were as follows: Date March 8 March 15 March 22 March 27 400 units @ $22 each 400 units @ $24 each Multiple Choice O Sanfillipo uses the periodic inventory system. According to a physical count, 600 units were on hand at the end of March. The cost of goods sold for March applying the LIFO method is: $20,960. $22,400. Purchases $21,500. $20,400. Sales 600 units 400 units
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