Essay
The following information is for Little Company for 2013 
Required:
Assuming that Little uses the LIFO cost flow method,
a) How much product cost would be allocated to Cost of Goods Sold?
b) How much product cost would be allocated to Merchandise Inventory at the end of the year?
c) Calculate the average number of days to sell inventory for the year.
Correct Answer:
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a) Cost of Goods Sold = (150 × $66) + (1...View Answer
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Correct Answer:
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