RJ Corporation has provided the following information about one of its inventory items: Number of Cost per Date Transaction Units Unit 1/1 Beginning Inventory 680 $2,450 6/6 Purchase 850 $3,950 9/10 11/15 Purchase 1,270 $5,050 Purchase 890 $5,600 During the year, RJ sold 3,220 units. What was ending inventory using the LIFO cost flow assumption? Multiple Choice $2,091,564. $1,748,400. $2,632,000 $1,151,500.
RJ Corporation has provided the following information about one of its inventory items: Number of Cost per Date Transaction Units Unit 1/1 Beginning Inventory 680 $2,450 6/6 Purchase 850 $3,950 9/10 11/15 Purchase 1,270 $5,050 Purchase 890 $5,600 During the year, RJ sold 3,220 units. What was ending inventory using the LIFO cost flow assumption? Multiple Choice $2,091,564. $1,748,400. $2,632,000 $1,151,500.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 3CE: Use the following information to compute cost of goods sold under the FIFO and LIFO inventory...
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