Source Enterprises reports the following inventory information for the current year. Compute the ending inventory and the
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Compute the ending inventory and the cost of goods sold under the LIFO perpetual basis.
Transcribed Image Text:
LIFO Inventory Description Beginning inventory: January 1 Unit Cost x Units Total Cost 7.200 14,300 $21,500 First layer S 9 x800 $13 x 1.100 1.900 Second layer Total beginning inventory Purchases or Production: 11,200 $32,700 August 31 Cost of goods available for sale Units sold on December 1 at 9.60 Ending inventory: December 31 $ 16×700 2,600 (2,300) 300
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Applying LIFO perpetual for Source Enterprises results in the follo...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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