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Arte-miy333 [17]
3 years ago
6

On May 1, beginning inventory consists of 10 items at a cost of $10 each. On May 3, 10 items are purchased at $12 each. On May 8

, 12 items are sold. On May 15, 10 items are purchased at $14 each. Using perpetual LIFO, ending inventory at May 31 equals?
Mathematics
1 answer:
Lady_Fox [76]3 years ago
3 0

Answer:

$220

Step-by-step explanation:

5/01: Beg. inventory: 10 × $10 = $100

5/03: Add inventory: 10 × $12 = $120

5/08: Less inventory: (10 × $12) + (2 × $10) = $140

5/15: Add inventory: 10 × $14 = $140

5/31: End. inventory: (10 × $14) + (8 × $10) = $220

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