FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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May you please show your work and provide an answer that is one of these options. The answer you provided (1090) for the same question I asked previously was incorrect. Thank you!

Teacups Galore utilizes a perpetual Inventory system and reported the following transactions for Item TCG46:
Мay 1
Inventory Balance: 306 units at $5
each
sold 132 units at $10 each
Purchased 150 units at $6 each
Sold 160 units at $10 each
May 5
May 10
May 27
Calculate the ending balance in Inventory on May 31 using the last-In, first-out (LIFO) method.
Select one:
O a. $490
b. $820
O C. $970
o d. $1,310
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Transcribed Image Text:Teacups Galore utilizes a perpetual Inventory system and reported the following transactions for Item TCG46: Мay 1 Inventory Balance: 306 units at $5 each sold 132 units at $10 each Purchased 150 units at $6 each Sold 160 units at $10 each May 5 May 10 May 27 Calculate the ending balance in Inventory on May 31 using the last-In, first-out (LIFO) method. Select one: O a. $490 b. $820 O C. $970 o d. $1,310
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