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A company's inventory records indicate the following data for the month of April: Date April 1 Activities Beginning inventory April 7 Purchase April 11 Sale April 16 April 22 April 29 Purchase Sale Purchase Units Acquired at Cost 700 units @ $36 = 580 units @ $40 Units Sold at Retail $25,200 $23,200 1,000 units @ $110 500 units @ $44 = $22,000 400 units @ $110 480 units @ $50 $24,000 If the company uses the first-in, first-out (FIFO) method and the perpetual inventory system, what would be the cost of the ending inventory? Multiple Choice $53,680.

A company's inventory records indicate the following data for the month of April: Date April 1 Activities Beginning inventory April 7 Purchase April 11 Sale April 16 April 22 April 29 Purchase Sale Purchase Units Acquired at Cost 700 units @ $36 = 580 units @ $40 Units Sold at Retail $25,200 $23,200 1,000 units @ $110 500 units @ $44 = $22,000 400 units @ $110 480 units @ $50 $24,000 If the company uses the first-in, first-out (FIFO) method and the perpetual inventory system, what would be the cost of the ending inventory? Multiple Choice $53,680.

FINANCIAL ACCOUNTING
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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A company's inventory records indicate the following data for the month of April: Date April 1 Activities Beginning inventory April 7 Purchase April 11 Sale April 16 Purchase April 22 April 29 Sale Purchase Units Acquired at Cost 700 units @ $36 Units Sold at Retail = $25,200 580 units @ $40 = $23,200 1,000 units @ $110 500 units @ $44 = $22,000 400 units @ $110 480 units @ $50 = $24,000 If the company uses the first-in, first-out (FIFO) method and the perpetual inventory system, what would be the cost of the ending inventory? Multiple Choice $53,680.
Transcribed Image Text:A company's inventory records indicate the following data for the month of April: Date April 1 Activities Beginning inventory April 7 Purchase April 11 Sale April 16 Purchase April 22 April 29 Sale Purchase Units Acquired at Cost 700 units @ $36 Units Sold at Retail = $25,200 580 units @ $40 = $23,200 1,000 units @ $110 500 units @ $44 = $22,000 400 units @ $110 480 units @ $50 = $24,000 If the company uses the first-in, first-out (FIFO) method and the perpetual inventory system, what would be the cost of the ending inventory? Multiple Choice $53,680.
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