Review: Amalga Corp. opened for business in November 2020. During November, Amalga purchased 200 items of...

Transcribed Image Text:

Review: Amalga Corp. opened for business in November 2020. During November, Amalga purchased 200 items of inventory for $2.00 each ($400 total cost). During December, Amalga purchased another 200 items for $3.00 each ($600 total cost). In late December, Amalga had its first and only sale of the quarter, 350 items for $5.00 each ($1,750 total revenue). What is Amalga's ending inventory balance after the December sale of 350 items? Amalga uses the LIFO cost flow assumption. (just enter the number, without any commas or a dollar sign) Review: Amalga Corp. opened for business in November 2020. During November, Amalga purchased 200 items of inventory for $2.00 each ($400 total cost). During December, Amalga purchased another 200 items for $3.00 each ($600 total cost). In late December, Amalga had its first and only sale of the quarter, 350 items for $5.00 each ($1,750 total revenue). What is Amalga's ending inventory balance after the December sale of 350 items? Amalga uses the LIFO cost flow assumption. (just enter the number, without any commas or a dollar sign)

Answer rating: 100% (QA)

novemebr purchased 200 items 2 december purchased ... View the full answer