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The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Blunt, Inc., for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 30 $7 $210 Sale no. 1 20 Purchase no. 1 50 10 500 Sale no. 2 40 Purchase no. 2 20 11 220 Totals 100 $930 60 Assuming Blunt, Ic., uses LIFO periodic inventory procedures, the ending inventory cost is: Select one: a. $280 b. $420 c. $310 d. $440 e. None of the above

The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Blunt, Inc., for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 30 $7 $210 Sale no. 1 20 Purchase no. 1 50 10 500 Sale no. 2 40 Purchase no. 2 20 11 220 Totals 100 $930 60 Assuming Blunt, Ic., uses LIFO periodic inventory procedures, the ending inventory cost is: Select one: a. $280 b. $420 c. $310 d. $440 e. None of the above

FINANCIAL ACCOUNTING
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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The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Blunt, Inc., for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 30 $7 $210 Sale no. 1 20 Purchase no. 1 50 10 500 Sale no. 2 40 Purchase no. 2 20 11 220 Totals 100 $930 60 Assuming Blunt, Ic., uses LIFO periodic inventory procedures, the ending inventory cost is: Select one: a. $280 b. $420 C. $310 d. $440 e. None of the above
Transcribed Image Text:The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Blunt, Inc., for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 30 $7 $210 Sale no. 1 20 Purchase no. 1 50 10 500 Sale no. 2 40 Purchase no. 2 20 11 220 Totals 100 $930 60 Assuming Blunt, Ic., uses LIFO periodic inventory procedures, the ending inventory cost is: Select one: a. $280 b. $420 C. $310 d. $440 e. None of the above
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