Niles Co. has the following data related to an item of periodic inventory: Inventory, March 1 200
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Question:
Inventory, March 1 200 units @ $2.10 Purchase,
March 7 700 units @ $2.20 Purchase,
March 16 140 units @ $2.25 Inventory,
March 31 260 units
24. The value assigned to ending inventory if Niles uses LIFO is
A) $580 B) $552 C) $546 D) $584 25.
25. The value assigned to cost of goods sold if Niles uses FIFO is
A) $580 B) $ 552 C) $1,724 D) $1,696
Related Book For
Essentials of Business Analytics
ISBN: 978-1285187273
1st edition
Authors: Jeffrey Camm, James Cochran, Michael Fry, Jeffrey Ohlmann, David Anderson, Dennis Sweeney, Thomas Williams
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