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Amber Company Uses the LIFO Retail Inventory Method and Reports

Question 77

Multiple Choice

Amber Company uses the LIFO retail inventory method and reports the following information:  Cost  Retail  Beginning inventory $540$900 Net markups 1,000 Sales 4,500 Net markdowns 500 Purchasess 3,1504,000\begin{array}{lcc}&\text { Cost }&\text { Retail }\\\text { Beginning inventory } & \$ 540 & \$ 900 \\\text { Net markups } & & 1,000 \\\text { Sales } & & 4,500 \\\text { Net markdowns } & & 500 \\\text { Purchasess } & 3,150 & 4,000\end{array} What is the cost of ending inventory for Amber Company?


A) $540
B) $580
C) $630
D) $900

Correct Answer:

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