Ending inventory value using LIFO? Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 150 $ 20 Jan. 2 Purchase 100 21 Jan. 6 Sale 180 42 Jan. 9 Purchase 70 25 Jan. 10 Sale 60 42

Ending inventory value using LIFO? Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 150 $ 20 Jan. 2 Purchase 100 21 Jan. 6 Sale 180 42 Jan. 9 Purchase 70 25 Jan. 10 Sale 60 42

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter6: Inventories

Section: Chapter Questions

Problem 7DQ: Using the following data, how should the inventory be valued under lower of cost or market? Original...

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Question

Ending inventory value using LIFO?
Date
Description
Quantity
Unit Cost or Selling Price
Dec. 31
Ending inventory
150
$ 20
Jan. 2
Purchase
100
21
Jan. 6
Sale
180
42
Jan. 9
Purchase
70
25
Jan. 10
Sale
60
42
Jan. 23
Purchase
112
26
Jan. 30
Sale
128
49

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