Business, 17.06.2020 15:57, kenziechalkprincess2
Poole Company purchased two identical inventory items. One of the items, purchased in January, cost $56. The other, purchased in February, cost $76. One of the items was sold in March at a selling price of $220. Poole uses LIFO. Which of the following statements is true?
A. The balance in ending inventory would be $4.75.
B. The amount of gross margin would be $2.75.
C. The amount of ending inventory would be $4, 625.
D. The amount of cost of goods sold would be $4.50.
Answers: 2
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Poole Company purchased two identical inventory items. One of the items, purchased in January, cost...
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