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The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 96 units on hand. Cost of goods sold under LIFO rounded to the nearest dollar is O $1190. O $1172. O $602. O $584.

The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 96 units on hand. Cost of goods sold under LIFO rounded to the nearest dollar is O $1190. O $1172. O $602. O $584.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Suppose that Blossom Automated Retail Company has the following inventory data: Nov. 1 Inventory 29 units @ $5.80 each 8 17 25 Purchase Purchase 115 units @ $6.20 each 58 units @ $6.05 each Purchase 86 units @ $6.30 each O $1190. O $1172. O $602. O $584. The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 96 units on hand. Cost of goods sold under LIFO rounded to the nearest dollar is
Transcribed Image Text:Suppose that Blossom Automated Retail Company has the following inventory data: Nov. 1 Inventory 29 units @ $5.80 each 8 17 25 Purchase Purchase 115 units @ $6.20 each 58 units @ $6.05 each Purchase 86 units @ $6.30 each O $1190. O $1172. O $602. O $584. The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 96 units on hand. Cost of goods sold under LIFO rounded to the nearest dollar is
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