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The record of receipts and issues for a cement factory for the month of November 2021 are as follows 1 Nov – Beginning balance 30 tons, $90 per ton. 4 Nov – Issued 8 tons. 9 Nov – Received 50 tons, $85 per ton. 13 Nov – Issued 18 tons. 17 Nov – Issued 23 tons. 23 Nov – Received 20 tons, $92 per ton. 28 Nov – Issued 22 tons.   Calculate the ending balance in value ($) of cement as at 30 November 2021, using Last-In-First-Out (LIFO) method. Select one: a. $2,575 b. $595 c. $1,980 d. $1,840

The record of receipts and issues for a cement factory for the month of November 2021 are as follows 1 Nov – Beginning balance 30 tons, $90 per ton. 4 Nov – Issued 8 tons. 9 Nov – Received 50 tons, $85 per ton. 13 Nov – Issued 18 tons. 17 Nov – Issued 23 tons. 23 Nov – Received 20 tons, $92 per ton. 28 Nov – Issued 22 tons.   Calculate the ending balance in value ($) of cement as at 30 November 2021, using Last-In-First-Out (LIFO) method. Select one: a. $2,575 b. $595 c. $1,980 d. $1,840

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The record of receipts and issues for a cement factory for the month of November 2021 are as follows

1 Nov – Beginning balance 30 tons, $90 per ton.

4 Nov – Issued 8 tons.

9 Nov – Received 50 tons, $85 per ton.

13 Nov – Issued 18 tons.

17 Nov – Issued 23 tons.

23 Nov – Received 20 tons, $92 per ton.

28 Nov – Issued 22 tons.

 

Calculate the ending balance in value ($) of cement as at 30 November 2021, using Last-In-First-Out (LIFO) method.
Select one:
a. $2,575
b. $595
c. $1,980
d. $1,840
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