Wildhorses has the following inventory data:

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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Wildhorses has the following inventory data:

Nov. 1   Inventory   32 units @ $6.50 each
8   Purchase   130 units @ $6.95 each
17   Purchase   65 units @ $6.80 each
25   Purchase   97 units @ $7.10 each

A physical count of merchandise inventory on November 30 reveals that there are 108 units on hand. Cost of goods sold under LIFO is 
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