Homework Answers
Solution:
Under LIFO units in ending inventory consist of 20 from beginning inventory and 10 from july 7 purchase.
Cost of ending inventory = (20*$19) + (10*$20) = $580
Cost of goods sold = Cost of goods available for sale - Cost of ending inventory = $2,020 - $580 = $1,440
Hence option d is correct.
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Purchases
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22
Purchases
21 units at $23
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Purchases
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A physical count of merchandise inventory on July 30 reveals that
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