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Q: Shandy Shutters has the following inventory information. Nov. 1 Inventory 15 units @ \$8.00 8 Purchase 60 units @ \$8.60 17
Purchase 30 units @ \$8.40 25 Purchase 45 units @ \$8.80 A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. Ending inventory under LIFO is \$846. \$438. \$421. \$863
A: The answer is \$856, you must have a typo error: First you need goods available for sale - in units and in dollars. The goods add up to 150 and the cost is \$1,284 (double check my math). [ You get the cost by multiplying the units x the purchase price and then adding the totals. So if we spent 1,284 on 150 units then the average cost would be \$8.56 per unit. There are 50 units left so ending
inventory would be 50 x 8.56 = \$428. Cost of goods sold is cost of goods available (1,284) less the ending inventory of 428 = 856 source: yahoo ]
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