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Homework answers / question archive / Sheridan Company uses a periodic inventory system
Sheridan Company uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows:
Units Per unit price Total
Balance, 1/1/2022 250 $4.00 $1000
Purchase, 1/15/2022 130 ..4.50 585
Purchase, 1/28/2022 130 ..4.60 598
An end of the month (1/31/2022) inventory showed that 200 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
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