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What is the cost of ending inventory under the lifo method

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Reference no: EM132510053

A dealer started the year with 2 model R5 lanterns on hand, with a cost of $6 each and a selling price of $18. During the year, he purchased 6 more at $8 each and 4 at $9 each, and sold 7.

Question 1: What is the cost of ending inventory under the LIFO method of inventory costing using the periodic inventory procedure?

Reference no: EM132510053

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