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The following units of an inventory item were available for sale during the year. Beginning inventory10 units at $55 25 units at $60 30 units at $65 15 units at $70 First purchase Second purchase Third purchase

The following units of an inventory item were available for sale during the year. Beginning inventory10 units at $55 25 units at $60 30 units at $65 15 units at $70 First purchase Second purchase Third purchase

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 units of an inventory item were available for sale during the year. Beginning inventory10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 During the year, 60 units of the item were sold. The value of ending inventory using LIFO is O A. $1,350 O B. $1,250 O C. $1,375 O D. $1,150 Reset Selection
Transcribed Image Text:The following units of an inventory item were available for sale during the year. Beginning inventory10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 During the year, 60 units of the item were sold. The value of ending inventory using LIFO is O A. $1,350 O B. $1,250 O C. $1,375 O D. $1,150 Reset Selection
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