Sassy Saxophones has the following inventory data: $$\begin{array} { r l l }
\text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 120 \
5 & \text { Purchases } & 180 \text { units at } \$ 112 \
14 & \text { Sale } & 120 \text { units } \
21 & \text { Purchases } & 90 \text { units at } \$ 115 \
30 & \text { Sale } & 84 \text { units }
\end{array}$$ Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis.

Question

Sassy Saxophones has the following inventory data: $$\begin{array} { r l l } 
\text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 120 \
5 & \text { Purchases } & 180 \text { units at } \$ 112 \
14 & \text { Sale } & 120 \text { units } \
21 & \text { Purchases } & 90 \text { units at } \$ 115 \
30 & \text { Sale } & 84 \text { units }
\end{array}$$ Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis.

Quizplus · Accepted Answer

The Answer of Sassy Saxophones has the following inventory data: $$\begin{array} { r l l } 
\text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 120 \
5 & \text { Purchases } & 180 \text { units at } \$ 112 \
14 & \text { Sale } & 120 \text { units } \
21 & \text { Purchases } & 90 \text { units at } \$ 115 \
30 & \text { Sale } & 84 \text { units }
\end{array}$$ Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis.

Sassy Saxophones Has the Following Inventory Data Assuming That a Periodic Inventory System Is Used, What Is