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Ext] 1. Transactions for the month of June were: Thusaetions forthemonth oqune wae: ushes-s June 1. (balm) 400 @ $3.20 June 2 300 @ $5.50 3 1,[email protected]
1. Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is?
a. $1,900.
b. $1,920.
c. $1,970.
d. $2,065
e. None of the above
2. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is
a. $1,900.
b. $1,920.
c. $1,970.
d. $2,065.
e. None of the above
3. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is
a. $1,900.
b. $1,920.
c. $2,065.
d. $2,100.
e. None of the above
(250×3.50) + (400×3.40) = 2,235
4. Assuming that perpetual inventory records are kept in units only, the ending inventory on an average -cost basis, rounded to the nearest dollar, is
a. $1,980.
b. $1,956.
c. $1,970.
d. $1,995
e. None of the above
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