ABC co. has the following data for the month ended January 31, 2021. ABC uses periodicinventory system:Date1/1 Beginning Inventory 110 $ 781/8 Purchase190811/12 Sale140 1101/18 Purchase75 811/20 Sale801201/24 Purchase210 831/29 Sale190 120Which inventory method will allow company to present the highest ending inventory on theJanuary 31, 2021 Balance Sheet?O LIFOSpecific IdentificationUnits Unit cost or selling priceO FIFOO Average Cost

Name: ABC co. has the following data for the month ended January 31, 2021.
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Description: ABC co. has the following data for the month ended January 31, 2021. ABC uses periodicinventory system:Date1/1 Beginning Inventory 110 $ 781/8 Purchase190811/12 Sale140 1101/18 Purchase75 811/20 Sale801201/24 Purchase210 831/29 Sale190 120Which inve

LIFODateParticularsPurchaseSaleBalanceUnit Cost ($)Total ($)Unit Cost ($)Total ($)Unit Cost ($)Total…

Answered: Which inventory method will allow…

Business

Accounting

Which inventory method will allow company to present the highest ending inventory on the January 31, 2021 Balance Sheet? OLIFO O Specific Identification O FIFO Average Cost

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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