Vaughn Company uses a periodic inventory system. Details for the inventory account for the month of...

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Vaughn Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Units Unit Price Total Balance, 1/1/20 200 $4.00 $800 Purchase, 1/15/20 70 5.10 357 Purchase, 1/28/20 70 5.30 371 An end of the month (1/31/20) inventory showed that 130 units were on hand. If the company uses LIFO, what is the value of the ending inventory? Vaughn Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Units Unit Price Total Balance, 1/1/20 200 $4.00 $800 Purchase, 1/15/20 70 5.10 357 Purchase, 1/28/20 70 5.30 371 An end of the month (1/31/20) inventory showed that 130 units were on hand. If the company uses LIFO, what is the value of the ending inventory?

Answer rating: 100% (QA)

To calculate the value of the ending inventory using the LIFO Last In First Out method we assume tha... View the full answer