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Question - Trumpeting Trumpets has the following inventory data:
July 1 Beginning inventory 50 units at $120
July 5 Purchases 300 units at $112
July 14 Sale 250 units
July 21 Purchases 150 units at $115
July 30 Sale 240 units
Assuming that a perpetual inventory system is used, what is the cost of goods sold for the July 30 sale on a LIFO basis?
a. $27,330
b. $56,850
c. $27,650
d. $27,288
e. $28,000
The year end is 30 June. Discuss using the accounting standards, how the above will be treated in the financial statement as at 30 June 2020
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