Units Unit Cost Total Cost Beginning inventory Purchases Sales (47 units at $24,630 each) 20 $11,520 10,020 $ 230,400 380,760 38 Inventory is valued at cost using the LIFO inventory method. P7-4 Part 2 2. The management, for various reasons, is considering buying 20 additional units before December 31 year-end at $9,520 each. Restate the income statement (and ending inventory), assuming that this purchase is made on December 31. Assume the LIFO method and the periodic inventory system are used by the company.

Units Unit Cost Total Cost Beginning inventory Purchases Sales (47 units at $24,630 each) 20 $11,520 10,020 $ 230,400 380,760 38 Inventory is valued at cost using the LIFO inventory method. P7-4 Part 2 2. The management, for various reasons, is considering buying 20 additional units before December 31 year-end at $9,520 each. Restate the income statement (and ending inventory), assuming that this purchase is made on December 31. Assume the LIFO method and the periodic inventory system are used by the company.

Name: **Inventory Information:**- **Beginning Inventory:** - Units: 20 -
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Description: **Inventory Information:**- **Beginning Inventory:** - Units: 20 - Unit Cost: $11,520 - Total Cost: $230,400- **Purchases:** - Units: 38 - Unit Cost: $10,020 - Total Cost: $380,760- **Sales:** - 47 units at $24,630 each**Note:**Inventory is v

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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