A company nvento Multiple Choice O $33,300. Date April 1 Beginning inventory Units Acquired at Cost 700 units @ $36 = $25,200 580 units @ $40 = $23,200 April 7 Purchase April 11 Sale April 16 Purchase 500 units @ $44 = $22,000 April 22 Sale April 29 Purchase 480 units @ $50 = $24,000 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what would be the cost of the ending Inventory? $53,680. $40,720. $35,922. Activities $38,480. ollowing Of A Units Sold at Retail 1,000 units @ $110 400 units @ $110

A company nvento Multiple Choice O $33,300. Date April 1 Beginning inventory Units Acquired at Cost 700 units @ $36 = $25,200 580 units @ $40 = $23,200 April 7 Purchase April 11 Sale April 16 Purchase 500 units @ $44 = $22,000 April 22 Sale April 29 Purchase 480 units @ $50 = $24,000 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what would be the cost of the ending Inventory? $53,680. $40,720. $35,922. Activities $38,480. ollowing Of A Units Sold at Retail 1,000 units @ $110 400 units @ $110

Name: A company's inventory records indicate the following data for the mon
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Description: A company's inventory records indicate the following data for the month of April:DateApril 1April 7April 11Beginning inventoryPurchaseSalePurchaseSalePurchaseMultiple ChoiceO $33,300.OApril 16April 22April 29If the company uses the first-in, first-o

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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The following units of an inventory item were available for sale during the year. Beginning inventory First purchase Second purchase Third purchase 10 units at $55 25 units at $60 30 units at $65 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The ending inventory cost using FIFO is a. $1,150 b. $1,250 c. $1,375 d. $1,350
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