The following information relates to the inventory of ABC Inc. who uses a perpetual inventory system: Date December 4 December 10 December 15 December 20 December 29 Transaction Opening inventory Purchase inventory Sell inventory Purchase inventory Sell inventory # Units 300 100 320 150 100 Unit cost/sales price $15 $18 $27 $20 $30 What is the value of inventory on hand after the December 29 sale if LIFO is used?

The following information relates to the inventory of ABC Inc. who uses a perpetual inventory system: Date December 4 December 10 December 15 December 20 December 29 Transaction Opening inventory Purchase inventory Sell inventory Purchase inventory Sell inventory # Units 300 100 320 150 100 Unit cost/sales price $15 $18 $27 $20 $30 What is the value of inventory on hand after the December 29 sale if LIFO is used?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

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Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
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