Question: The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Mullenax Company for an operating period. 4.
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Mullenax Company for an operating period.
4. Assuming Mullenax Company uses LIFO periodic inventory, the ending inventory cost is:
A) $7,380
B) $9,620
C) $8,420
D) $8,400
Units | Unit Cost | Total Cost | Units Sold | |||
Beginning Inventory | 20 | $88 | $ 1,760 | |||
Purchase No. 1 | 20 | 93 | 1,860 | |||
Sale No. 1 | 30 | |||||
Purchase No. 2 | 90 | 96 | 8,640 | |||
Sale No. 2 | 80 | |||||
Purchase No. 3 | 70 | 110 | 7,700 | ___ | ||
Totals | 200 | $19,960 | 110 |
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