Question: Exercise solution Piper Pipes has the following inventory data: - July 1 Beginning inventory 50 units at $120 - 5 Purchases 300 units at $112

Exercise solution Piper Pipes has the following inventory data: - July 1 Beginning inventory 50 units at $120 - 5 Purchases 300 units at $112 - 14 Sale 200 units - 21 Purchases 150 units at $115 - 30 Sale 140 units - Assuming that a periodic inventory system is used, what is the cost of goods sold on a LIFO basis? - a. $18,320 - b. $18,370 - 0. $34,480 - d. $38,530 Solution: (150 x $115) + [(200 +140 150) x $112] 2 $38,530

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