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Westcoast Purveyors had 345 computer system in stock at the end of the year. Inventory records show the following information: Date Qty Cost Total Cost January 1 Beginning Inventory 50 $1,458 $72,900 June 21 Purchase 50 1,122 56,100 August 1 Purchase 300 954 286,200 October 23 Purchase 200 1,146 229,200 November 16 Purchase 100 1,434 143,400 Total available for sale 700 $787,800 Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory. $

Westcoast Purveyors had 345 computer system in stock at the end of the year. Inventory records show the following information: Date Qty Cost Total Cost January 1 Beginning Inventory 50 $1,458 $72,900 June 21 Purchase 50 1,122 56,100 August 1 Purchase 300 954 286,200 October 23 Purchase 200 1,146 229,200 November 16 Purchase 100 1,434 143,400 Total available for sale 700 $787,800 Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory. $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Westcoast Purveyors had 345 computer system in stock at the end of the year. Inventory records show the following information: Date Qty Cost Total Cost January 1 Beginning Inventory 50 $1,458 $72,900 June 21 Purchase 50 1,122 56,100 August 1 Purchase 300 954 286,200 October 23 Purchase 200 1,146 229,200 November 16 Purchase 100 1,434 143,400 Total available for sale 700 $787,800 Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory. $ ×
Transcribed Image Text:Westcoast Purveyors had 345 computer system in stock at the end of the year. Inventory records show the following information: Date Qty Cost Total Cost January 1 Beginning Inventory 50 $1,458 $72,900 June 21 Purchase 50 1,122 56,100 August 1 Purchase 300 954 286,200 October 23 Purchase 200 1,146 229,200 November 16 Purchase 100 1,434 143,400 Total available for sale 700 $787,800 Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory. $ ×
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