Sheridan Company just began business and made the following four inventory purchases in June: June 1 171 units $1026 June 10 228 units 1596 June 15 228 units 1824 June 28 171 units 1539 $5985 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 228 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is O $1995. O $2052. O $1425. O $1369.
Sheridan Company just began business and made the following four inventory purchases in June: June 1 171 units $1026 June 10 228 units 1596 June 15 228 units 1824 June 28 171 units 1539 $5985 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 228 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is O $1995. O $2052. O $1425. O $1369.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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