Units Unit Cost Total Cost Beginning inventory Purchases Sales (47 units at $24,630 each) 20 $11,520 10,020 $ 230,400 380,760 38 Inventory is valued at cost using the LIFO inventory method. P7-4 Part 2 2. The management, for various reasons, is considering buying 20 additional units before December 31 year-end at $9,520 each. Restate the income statement (and ending inventory), assuming that this purchase is made on December 31. Assume the LIFO method and the periodic inventory system are used by the company.

Units Unit Cost Total Cost Beginning inventory Purchases Sales (47 units at $24,630 each) 20 $11,520 10,020 $ 230,400 380,760 38 Inventory is valued at cost using the LIFO inventory method. P7-4 Part 2 2. The management, for various reasons, is considering buying 20 additional units before December 31 year-end at $9,520 each. Restate the income statement (and ending inventory), assuming that this purchase is made on December 31. Assume the LIFO method and the periodic inventory system are used by the company.

Name: Beginning inventoryPurchasesSales (47 units at $24,630 each)Units2038
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Description: Beginning inventoryPurchasesSales (47 units at $24,630 each)Units2038Unit Cost$11,52010,020Total Cost$ 230,400380,760Inventory is valued at cost using the LIFO inventory method.P7-4 Part 22. The management, for various reasons, is considering buying

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 62E

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