a. Razorback uses the periodic inventory system, and a LIFO cost-flow assumption. The company began 2022...

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a. Razorback uses the periodic inventory system, and a LIFO cost-flow assumption. The company began 2022 with 16 ATVs in inventory with a cost of $5,000 each. A physical count indicated that 20 ATVs were remaining in inventory at December 31st. The purchases referenced in 1e were for the following quantities and costs: January 15th 50 ATVS @ $5,200 July 2nd 34 ATVS @ $5,400 a. Razorback uses the periodic inventory system, and a LIFO cost-flow assumption. The company began 2022 with 16 ATVs in inventory with a cost of $5,000 each. A physical count indicated that 20 ATVs were remaining in inventory at December 31st. The purchases referenced in 1e were for the following quantities and costs: January 15th 50 ATVS @ $5,200 July 2nd 34 ATVS @ $5,400