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6.12 An inventory record card shows the following details. 1 50 units in stock at a cost of $40 per unit 7 100 units purchased at a cost of $45 per unit 14 February 80 units sold 50 units purchased at a cost of $50 per unit 60 units sold 21 28 What is the value of inventory at 28 February using the FIFO method? $2,450 $2,700 $2,950 $3,000 B. D

6.12 An inventory record card shows the following details. 1 50 units in stock at a cost of $40 per unit 7 100 units purchased at a cost of $45 per unit 14 February 80 units sold 50 units purchased at a cost of $50 per unit 60 units sold 21 28 What is the value of inventory at 28 February using the FIFO method? $2,450 $2,700 $2,950 $3,000 B. D

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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6.12 An inventory record card shows the following details. 1 50 units in stock at a cost of $40 per unit 7 100 units purchased at a cost of $45 per unit 14 80 units sold February 21 28 60 units sold 50 units purchased at a cost of $50 per unit What is the value of inventory at 28 February using the FIFO method? A $2,450 B $2,700 C $2,950 D $3,000 6.13 IAS 2 Inventories defines the items that may be included in computing the cost of an in finished goods manufactured by a business. Which one of the fol
Transcribed Image Text:6.12 An inventory record card shows the following details. 1 50 units in stock at a cost of $40 per unit 7 100 units purchased at a cost of $45 per unit 14 80 units sold February 21 28 60 units sold 50 units purchased at a cost of $50 per unit What is the value of inventory at 28 February using the FIFO method? A $2,450 B $2,700 C $2,950 D $3,000 6.13 IAS 2 Inventories defines the items that may be included in computing the cost of an in finished goods manufactured by a business. Which one of the fol
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