(because 15*8 + 60*8.80 - 40*8.80 + 30*9.60 - 28*9.60 = 315.20) Classic Floors has the following

ACC 290 Entire Course Link

https://uopcourses.com/category/acc-290/
(because 15*8 + 60*8.80 - 40*8.80 + 30*9.60 - 28*9.60 = 315.20)

Classic Floors has the following inventory data:

 

July 1
 
Beginning inventory
 
15 units at $6.00
5
 
Purchases
 
60 units at $6.60
14
 
Sale
 
40 units
21
 
Purchases
 
30 units at $7.20
30
 
Sale
 
28 units
 

Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?

 

$702.00

 

$354.00

 

$236.40

 

$465.60
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