A company had the following transactions for the month of February 2021. Purchases Sales Feb 1 200 @ $4 Feb 4 40 @ $10 Feb 13 80 @ $5 Feb 17 200 @ $12 What is the value of closing stock using FIFO? a) $200 b) $160 c) $480 d) $400

A company had the following transactions for the month of February 2021. Purchases Sales Feb 1 200 @ $4 Feb 4 40 @ $10 Feb 13 80 @ $5 Feb 17 200 @ $12 What is the value of closing stock using FIFO? a) $200 b) $160 c) $480 d) $400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A company had the following transactions for the month of February 2021.

Purchases Sales

Feb 1	200 @ $4
Feb 4		40 @ $10
Feb 13	80 @ $5
Feb 17		200 @ $12

What is the value of closing stock using FIFO?

a) $200

b) $160

c) $480

d) $400

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