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What last-in first-out method is not permitted under ifrs

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Reference no: EM132967586

The following is information regarding inventory of Dili Ltd during September 2019. Dili Ltd uses a periodic inventory system:

Opening balance September 1 - 5 units @ $200
Purchases September 3 - 5 units @ $240, September 12 - 3 units @ $260, September 25 - 6 units @ $200
Sales September 7 - 7 units, September 27 - 5 units

Problem 1: The last-in, first-out method is not permitted under the IFRS, however if the last-in, first-out periodic method is applied, the value of ending inventory is:

Select one:

a. $4,400.
b. $4,192.
c. $1,840.
d. $1,480.
e. None of the above answers is correct.

Reference no: EM132967586

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