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Teacups Galore utilies a perpetual inventory system and reported the following transactions for item TCG46: Inventory Balance: 306 units at $5 each sold 132 units at $10 each Purchased 150 units at $6 each sold 160 units at $10 each Мay 1 May 5 May 10 May 27 Calculate the ending balance in inventory on May 31 using the last-in, first-out (LIFO) method. Select one: O a. $490 b. $820 O . $970

Teacups Galore utilies a perpetual inventory system and reported the following transactions for item TCG46: Inventory Balance: 306 units at $5 each sold 132 units at $10 each Purchased 150 units at $6 each sold 160 units at $10 each Мay 1 May 5 May 10 May 27 Calculate the ending balance in inventory on May 31 using the last-in, first-out (LIFO) method. Select one: O a. $490 b. $820 O . $970

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...
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May you please show your work and provide an answer that is one of these options. The answer you provided (1090) for the same question I asked previously was incorrect. Thank you!

Teacups Galore utilizes a perpetual Inventory system and reported the following transactions for Item TCG46: Мay 1 Inventory Balance: 306 units at $5 each sold 132 units at $10 each Purchased 150 units at $6 each Sold 160 units at $10 each May 5 May 10 May 27 Calculate the ending balance in Inventory on May 31 using the last-In, first-out (LIFO) method. Select one: O a. $490 b. $820 O C. $970 o d. $1,310
Transcribed Image Text:Teacups Galore utilizes a perpetual Inventory system and reported the following transactions for Item TCG46: Мay 1 Inventory Balance: 306 units at $5 each sold 132 units at $10 each Purchased 150 units at $6 each Sold 160 units at $10 each May 5 May 10 May 27 Calculate the ending balance in Inventory on May 31 using the last-In, first-out (LIFO) method. Select one: O a. $490 b. $820 O C. $970 o d. $1,310
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