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Use the inventory information below for the month of July to answer the following problem. July 1--Beginning inventory--15 units at $8.00; July 5Purchases--60 units at $8.80; July 14Sale--40 units; July 21Purchases--30 units at $9.60; July 30Sale--28 units. Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M971378

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