Tap Manufacturing Company records sales of $1,000,000 and cost of sales of $550,000 during the first quarter
Question:
Beginning LIFO inventory at January 1 . 10,000 units at . $5 $50,000
Ending LIFO inventory at March 31 .... 6,000 units at .. $5 $30,000
Before year-end, Tap expects to replace the 4,000 units liquidated in the first quarter. The current cost of the inventory units is $7each.
REQUIRED: At what amount will Tap report cost of sales in its first-quarter interim report?
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Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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