7. The following information is available regarding costs of printers purchased and sold by XYZ Co. during the past year: Number of Printers Cost per Printer. Total Cost January 1 inventory.. 9 $150 $1,350 July 16 purchases.... 14 $153 $2,142 December 9 purchases..... 5 $157 $785 Available for sale.. 28 $4.277 July 20 sale December 31 inventory..... 19 2 If XYZ Co. uses the perpetual FIFO inventory approach, what is the December 31 inventory? a. $1,397.00 Ob. $1,385.00 c. $1,392.30 d. $1,350.00 Topic covered in 4.6 Report a problem

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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7. The following information is available regarding costs of printers purchased and sold by
XYZ Co. during the past year:
Number of Printers Cost per Printer. Total Cost
January 1 inventory..
9
$150
$1,350
July 16 purchases....
14
$153
$2,142
December 9 purchases.....
5
$157
$785
Available for sale..
28
$4.277
July 20 sale
December 31 inventory.....
19
2
If XYZ Co. uses the perpetual FIFO inventory approach, what is the December 31 inventory?
a. $1,397.00
Ob. $1,385.00
c. $1,392.30
d. $1,350.00
Topic covered in 4.6
Report a problem
Transcribed Image Text:7. The following information is available regarding costs of printers purchased and sold by XYZ Co. during the past year: Number of Printers Cost per Printer. Total Cost January 1 inventory.. 9 $150 $1,350 July 16 purchases.... 14 $153 $2,142 December 9 purchases..... 5 $157 $785 Available for sale.. 28 $4.277 July 20 sale December 31 inventory..... 19 2 If XYZ Co. uses the perpetual FIFO inventory approach, what is the December 31 inventory? a. $1,397.00 Ob. $1,385.00 c. $1,392.30 d. $1,350.00 Topic covered in 4.6 Report a problem
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