Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit 115 3.0 110 4.6 First Purchase Second Purchase Assuming Ava Co sells 155 units at $12 each, what is the ending balance in the inventory account if they use LIF

Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit 115 3.0 110 4.6 First Purchase Second Purchase Assuming Ava Co sells 155 units at $12 each, what is the ending balance in the inventory account if they use LIF

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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Question

Assume Ava Co. has the following purchases of inventory during the first month of operations
Number of Units
Cost per unit
115
3.0
110
4.6
First Purchase
Second Purchase
Close
Assuming Ava Co sells 155 units at $12 each, what is the ending balance in the inventory account if they use LIFO?

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