Sheridan Company just began business and made the following four inventory purchases in June: June 1 171 units $1026 June 10 228 units 1596 June 15 228 units 1824 June 28 171 units 1539 $5985 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 228 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is O $1995. O $2052. O $1425. O $1369.
Sheridan Company just began business and made the following four inventory purchases in June: June 1 171 units $1026 June 10 228 units 1596 June 15 228 units 1824 June 28 171 units 1539 $5985 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 228 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is O $1995. O $2052. O $1425. O $1369.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Sheridan Company just began business and made the following four inventory purchases in June:
June 1
171 units
$1026
June 10
228 units
1596
June 15
228 units
1824
June 28
171 units
1539
$5985
The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 228 units
on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is
O $1995.
O $2052.
O $1425.
O $1369.
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