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The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 310 units at $5 each on January 1. Xu purchases 510 units at $4 each in February and 210 units at $6 each in March. There were no additional purchases or sales during the remainder of the quarter. Xu sells 310 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold for the first quarter? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) Multiple Choice O $1,660 $1,560 $1,870. $1,450 6

The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 310 units at $5 each on January 1. Xu purchases 510 units at $4 each in February and 210 units at $6 each in March. There were no additional purchases or sales during the remainder of the quarter. Xu sells 310 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold for the first quarter? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) Multiple Choice O $1,660 $1,560 $1,870. $1,450 6

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 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 310 units at $5 each on January 1. Xu purchases 510 units at $4 each in February and 210 units at $6 each in March. There were no additional purchases or sales during the remainder of the quarter. Xu sells 310 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold for the first quarter? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) Multiple Choice $60 $1,560 $1,870. $1,450 20
Transcribed Image Text:The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 310 units at $5 each on January 1. Xu purchases 510 units at $4 each in February and 210 units at $6 each in March. There were no additional purchases or sales during the remainder of the quarter. Xu sells 310 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold for the first quarter? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) Multiple Choice $60 $1,560 $1,870. $1,450 20
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