Purchase Purchase 1 1 3 $ 830 840 880 $2,550
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...
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Question
6
![к
Three identical units of merchandise were purchased during March, as follows:
Stoele Plate Units Cost
1
Mar. 3
10
19
Total
Purchase
Purchase
Purchase
1
1
$ 830
840
880
3 $2,550
Assume that one unit is sold on March 23 for $1,125. What is the ending inventory on March 31 using LIFO?
a. $245
b. $1,670
c. $295
Od. $1,720](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fce6b4197-1472-4d8e-a09d-6ad28538833a%2F1278a516-454d-45ca-beea-3e0ab0ed76bb%2F6lb3i7q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:к
Three identical units of merchandise were purchased during March, as follows:
Stoele Plate Units Cost
1
Mar. 3
10
19
Total
Purchase
Purchase
Purchase
1
1
$ 830
840
880
3 $2,550
Assume that one unit is sold on March 23 for $1,125. What is the ending inventory on March 31 using LIFO?
a. $245
b. $1,670
c. $295
Od. $1,720
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