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  3. the following information relates to march transac

The following information relates to March transactions for the Toy Factory, a company which uses...

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Accounting

The following information relates to March transactions for the Toy Factory, a company which uses LIFO and a perpetual inventory system. March 1 Beginning inventory 75 toys at $30/toy March 10 Purchase 50 toys at $35/toy March 15 Sale 90 toys March 27 Purchase 80 toys at $36/toy At what cost were the 90 toys sold on March 15?

83.5% of the 90 toys at $30 and 16.5% of the 90 toys at $35

All at $35

We need to know the closing balance from the previous month to calculate the answer

44.5% of the 90 toys at $30 and 55.5% of the 90 toys at $35

All at $30

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