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Teacups Galore utilizes a perpetual inventory system and reported the following transactions for item TCG46 May 1 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 May 5 May 10 May 27 Calculate the ending balance in inventory on May 31 using the last-in, first-out (LIFO) method.

Teacups Galore utilizes a perpetual inventory system and reported the following transactions for item TCG46 May 1 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 May 5 May 10 May 27 Calculate the ending balance in inventory on May 31 using the last-in, first-out (LIFO) method.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Teacups Galore utilizes 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 May 1 Мay 5 May 10 May 27 Calculate the ending balance in inventory on May 31 using the last-in, first-out (LIFO) method.
Transcribed Image Text:Teacups Galore utilizes 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 May 1 Мay 5 May 10 May 27 Calculate the ending balance in inventory on May 31 using the last-in, first-out (LIFO) method.
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