A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $45.50, 18 pairs at $40.50, and 20 pairs at $50.50. An inventory taken last week indicates that 28 pairs are still in stock. Calculate the cost of this inventory by FIFO. Cost of ending inventory

A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $45.50, 18 pairs at $40.50, and 20 pairs at $50.50. An inventory taken last week indicates that 28 pairs are still in stock. Calculate the cost of this inventory by FIFO. Cost of ending inventory

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 sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $45.50, 18 pairs at $40.50, and 20
pairs at $50.50. An inventory taken last week indicates that 28 pairs are still in stock. Calculate the cost of this inventory by FIFO.
Cost of ending inventory

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