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AAA Company uses a periodic inventory system and has the following information regarding its inventory: $ 7,200 450 units @ 16 550 units @ 17 Beginning inventory Purchase on January 25 Purchase on March 15 Purchase on October 2 9,350 450 units @ 18 8,100 650 units @ 19 12,350 Goods available for sale $ 37,000 There are 750 units in ending inventory. What is the amount of the ending inventory using the FIFO method? Multiple Choice $7,200 $16,550 $12,350 $14350

AAA Company uses a periodic inventory system and has the following information regarding its inventory: $ 7,200 450 units @ 16 550 units @ 17 Beginning inventory Purchase on January 25 Purchase on March 15 Purchase on October 2 9,350 450 units @ 18 8,100 650 units @ 19 12,350 Goods available for sale $ 37,000 There are 750 units in ending inventory. What is the amount of the ending inventory using the FIFO method? Multiple Choice $7,200 $16,550 $12,350 $14350

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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1:51 AAA Company uses a periodic inventory system and has the following information regarding its inventory: $ 7,200 Beginning inventory Purchase on January 25 Purchase on March 15 9,350 450 units @ 16 550 units @ 17 450 units @ 18 650 units @ 19 8,100 Purchase on October 2 12,350 $ 37,000 Goods available for sale There are 750 units in ending inventory. What is the amount of the ending inventory using the FIFO method? Multiple Choice $7,200 $16,550 $12,350 $14.350
Transcribed Image Text:1:51 AAA Company uses a periodic inventory system and has the following information regarding its inventory: $ 7,200 Beginning inventory Purchase on January 25 Purchase on March 15 9,350 450 units @ 16 550 units @ 17 450 units @ 18 650 units @ 19 8,100 Purchase on October 2 12,350 $ 37,000 Goods available for sale There are 750 units in ending inventory. What is the amount of the ending inventory using the FIFO method? Multiple Choice $7,200 $16,550 $12,350 $14.350
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