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January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 6 units 5 units 9 units 8 units 13 units On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 6 units 5 units 9 units 8 units 13 units On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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January: February: May: September: November: Multiple Choice On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) о O O $3,405. $3,364. $3,200. $3,270. 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 $5,400. 6 units 5 units 9 units 8 units 13 units
Transcribed Image Text:January: February: May: September: November: Multiple Choice On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) о O O $3,405. $3,364. $3,200. $3,270. 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 $5,400. 6 units 5 units 9 units 8 units 13 units
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