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    surfspot50 Posts: 1, Reputation: 1
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    #1

    Mar 8, 2009, 01:58 PM
    LIFO accounting
    A firm has a beginning inventory of 300 units at a cost of $11 each, production during the period was 650 units at $12 each. If sales were 700 units, what is the value of the ending inventory using LIFO?
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    asastring Posts: 13, Reputation: 3
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    #2

    Mar 8, 2009, 04:31 PM

    lifo - last in first out

    700 units sold

    300 @ 11
    400 @ 12

    250 remaining @ $12 = $3000
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