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Sunland Bookstore had 450 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 395 @ $15 17 280 @ $8 29 225 280 @ $12 280 @ $16 Sunland does not maintain perpetual inventory records. According to a physical count, 335 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: O $3015. $4020. O $3800. O $2680.

Sunland Bookstore had 450 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 395 @ $15 17 280 @ $8 29 225 280 @ $12 280 @ $16 Sunland does not maintain perpetual inventory records. According to a physical count, 335 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: O $3015. $4020. O $3800. O $2680.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Sunland Bookstore had 450 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 395 @ $15 17 280 @ $8 25 280 @ $12 29 280 @ $16 Sunland does not maintain perpetual inventory records. According to a physical count, 335 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: $3015. $4020. $3800. $2680.
Transcribed Image Text:Sunland Bookstore had 450 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 395 @ $15 17 280 @ $8 25 280 @ $12 29 280 @ $16 Sunland does not maintain perpetual inventory records. According to a physical count, 335 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: $3015. $4020. $3800. $2680.
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