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Calculate the cost of the inventory at january

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Question - Sheridan Bookstore had 510 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows:

Date

Purchases

Sales

Jan. 14

 

445 @ $13

Jan. 17

250 @ $8

 

Jan. 25

250 @ $10

 

Jan. 29

 

290 @ $15

Sheridan does not maintain perpetual inventory records. According to a physical count, 275 units were on hand at January 31.

The cost of the inventory at January 31, under the LIFO method is:

$2475.

$2200.

$2700.

$2750.

Reference no: EM131813957

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