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Determine the inventory cost using the last-in first-out

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Question - The units of an item available for sale during the year were as follows:

Jan 1 Inventory 16 units at 128

April 15 Purchase 136 units at 115

September 9 Purchase 22 units at 125

There are 38 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO).

Reference no: EM132838824

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