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Sheridan uses the periodic inventory system. For the current month, the beginning inventory consisted of 7200 units that cost $13 each. During the month, the company made two purchases: 3100 units at $14 each and 12200 units at $14.50 each. Sheridan also sold 13100 units during the month. What is the ending inventory if the LIFO method is uesed? 136,300 124,400 131,130 122,200

Sheridan uses the periodic inventory system. For the current month, the beginning inventory consisted of 7200 units that cost $13 each. During the month, the company made two purchases: 3100 units at $14 each and 12200 units at $14.50 each. Sheridan also sold 13100 units during the month. What is the ending inventory if the LIFO method is uesed? 136,300 124,400 131,130 122,200

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Sheridan uses the periodic inventory system. For the current month, the beginning inventory consisted of 7200 units that cost $13 each. During the month, the company made two purchases: 3100 units at $14 each and 12200 units at $14.50 each. Sheridan also sold 13100 units during the month. What is the ending inventory if the LIFO method is uesed?

  • 136,300
  • 124,400
  • 131,130
  • 122,200
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