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Inventory records for Dunbar Incorporated revealed the following:

Date Transaction Number of Units Unit Cost
Apr. 1 Beginning inventory 430 $ 2.12
Apr. 20 Purchase 450 2.69

Dunbar sold 620 units of inventory during the month. Ending inventory assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

Respuesta :

Answer:

$551.20

Explanation:

For computing the ending inventory first we have to find out the ending inventory units which is shown below:

= Beginning inventory units + purchase units - sale units

= 430 units + 450 units - 620 units

= 260 units

Now the ending inventory is

= 260 units × $2.12

= $551.20

We simply multiplied the ending inventory units with the April 1 cost per unit i.e 260 units at $2.12 per unit

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