May you please show your work and provide an answer that is one of these options. The answer you provided (1090) for the same question I asked previously was incorrect. Thank you! Teacups Galore utilizes a perpetual Inventory system and reported the following transactions for Item TCG46:Мay 1Inventory Balance: 306 units at $5eachsold 132 units at $10 eachPurchased 150 units at $6 eachSold 160 units at $10 eachMay 5May 10May 27Calculate the ending balance in Inventory on May 31 using the last-In, first-out (LIFO) method.Select one:O a. $490b. $820O C. $970o d. $1,310

Under perpetual inventory system, the inventory record is maintained with every sale and purchase of…

Teacups Galore utilies a perpetual inventory system and reported the following transactions for item TCG46: Inventory Balance: 306 units at $5 each sold 132 units at $10 each Purchased 150 units at $6 each sold 160 units at $10 each Мay 1 May 5 May 10 May 27 Calculate the ending balance in inventory on May 31 using the last-in, first-out (LIFO) method. Select one: O a. $490 b. $820 O . $970

Teacups Galore utilies a perpetual inventory system and reported the following transactions for item TCG46: Inventory Balance: 306 units at $5 each sold 132 units at $10 each Purchased 150 units at $6 each sold 160 units at $10 each Мay 1 May 5 May 10 May 27 Calculate the ending balance in inventory on May 31 using the last-in, first-out (LIFO) method. Select one: O a. $490 b. $820 O . $970

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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