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Determine the value of ending inventory using LIFO

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Reference no: EM133148840

Question - The following units of an inventory item were available for sale during year:

 

Unit

Unit Cost

Beginning inventory

14

$55

First purchase

27

60

Second purchase

35

65

Third purchase

16

70

The firm uses the periodic inventory system. During the year, 60 units of the item were sold. Determine the value of ending inventory using LIFO?

Reference no: EM133148840

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