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The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 310 units at $5 each on January 1. Xu purchases 510 units at $4 each in February and 210 units at $6 each in March. There were no additional purchases or sales during the remainder of the quarter. Xu sells 310 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold for the first quarter? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) Multiple Choice O $1,660 $1,560 $1,870. $1,450 6

The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 310 units at $5 each on January 1. Xu purchases 510 units at $4 each in February and 210 units at $6 each in March. There were no additional purchases or sales during the remainder of the quarter. Xu sells 310 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold for the first quarter? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) Multiple Choice O $1,660 $1,560 $1,870. $1,450 6

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 Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 310 units at $5 each on January 1. Xu purchases 510 units at $4 each in February and 210 units at $6 each in March. There were no additional purchases or sales during the remainder of the quarter. Xu sells 310 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold for the first quarter? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) Multiple Choice $60 $1,560 $1,870. $1,450 20
Transcribed Image Text:The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 310 units at $5 each on January 1. Xu purchases 510 units at $4 each in February and 210 units at $6 each in March. There were no additional purchases or sales during the remainder of the quarter. Xu sells 310 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold for the first quarter? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) Multiple Choice $60 $1,560 $1,870. $1,450 20
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