The Units of an Item Available for Sale During the Year

question 81

Short Answer

The units of an item available for sale during the year were as follows:
$\begin{array}{llll}\text { Jan. } & 1 & \text { Inventory } & \quad\quad & 10 \text { units at } \$ 25 \\\text { Apr. } & 4 & \text { Purchase } &\quad\quad & 15 \text { units at } \$ 24 \\\text { May. } & 20 & \text { Purchase } &\quad\quad & 20 \text { units at } \$ 28 \\\text { Oct. } & 30 & \text { Purchase } & \quad\quad &18 \text { units at } \$ 30\end{array}$
There are 19 units of the item in the physical inventory at December 31.The periodic inventory system is used.Determine the ending inventory cost using LIFO.

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Definitions:

Coordinating Conjunction

A word used to connect grammatically similar elements within a sentence, such as "and," "but," "or," "so," and "yet."

Punctuated Correctly

the use of symbols like commas, periods, and question marks in writing, following the rules of grammar to clarify meaning.

Lactose Intolerant

A condition in which individuals have difficulty digesting lactose, a sugar found in milk and dairy products, leading to gastrointestinal discomfort.

Conjunctions

Words used to connect clauses, sentences, or words in the same clause (e.g., and, but, if).