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Find the value of ending inventory using LIFO

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Reference no: EM133065429

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

 

Unit

Unit Cost

Beginning inventory

12

$55

First purchase

27

60

Second purchase

33

65

Third purchase

18

70

The firm uses the periodic inventory system. During the year, 62 units of the item were sold.

Required - Find the value of ending inventory using LIFO?

Reference no: EM133065429

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