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Question - Inventory Analysis are using the LIFO method.
The wake trading company discloses the following information for the month of October 2018.
Dec. 01: Beginning inventory 500 units @ $14 each.
Dec. 07: Purchased 2,500 units @ $14.50 each.
Dec. 10: Sold 1,500 units @ $20.00 each.
Dec. 15: Sold 1,300 units @ $20.50 each.
Dec. 20: Customer returned 500 units from Dec.10 sale (returns are in inventory)
Dec. 24: Purchased 2,000 @ $14.00 each.
Dec 27: Sold 2,500 units @ $19.00 each.
Calculate total revenue.
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The current-year ending inventory at current prices is $2,226,000, and the LIFO index is 1.06 Determine the company's LIFO inventory
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