The periodic inventory records of Allen Medical Supply indicate the following for the month of June: June 1 inventory Beginning merchandise 15 units @ $32 each 7 units @ $34 7 Purchase 18 Purchase 26 Purchase each 12 units @ $37 each 10 units @ $40 each
The periodic inventory records of Allen Medical Supply indicate the following for the month of June: June 1 inventory Beginning merchandise 15 units @ $32 each 7 units @ $34 7 Purchase 18 Purchase 26 Purchase each 12 units @ $37 each 10 units @ $40 each
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The periodic inventory records of Allen Medical Supply indicate the following
for the month of June:
June 1
Beginning merchandise
inventory
15 units @ $32
each
7 units @ $34
7 Purchase
each
12 units @ $37
18 Purchase
26 Purchase
each
10 units @ $40
each
A physical count of merchandise inventory on June 30 reveals that there are
18 units on hand. Using the LIFO inventory method, the amount allocated to
ending inventory.
$536.
$582.
$1,447.
$1,564.
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