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Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Jan. 22 purchase 110 units at $6 per unit 300 units at $12 per unit 100 units at $13 per unit At January 31, 190 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method? O A. $1,140 O B. $2,470 O C. $1,620 O D. $1,700

Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Jan. 22 purchase 110 units at $6 per unit 300 units at $12 per unit 100 units at $13 per unit At January 31, 190 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method? O A. $1,140 O B. $2,470 O C. $1,620 O D. $1,700

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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Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Jan. 22 purchase 110 units at $6 per unit 300 units at $12 per unit 100 units at $13 per unit At January 31, 190 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method? O A. $1,140 O B. $2,470 O C. $1,620 O D. $1,700 Click to select your answer.
Transcribed Image Text:Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Jan. 22 purchase 110 units at $6 per unit 300 units at $12 per unit 100 units at $13 per unit At January 31, 190 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method? O A. $1,140 O B. $2,470 O C. $1,620 O D. $1,700 Click to select your answer.
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