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Addison, Inc. uses a perpetual inventory system. Information about one inventory item for the month of September follows. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses FIFO, the September 30 inventory is a. $700 b. $650 C. $800 X d. $750

Addison, Inc. uses a perpetual inventory system. Information about one inventory item for the month of September follows. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses FIFO, the September 30 inventory is a. $700 b. $650 C. $800 X d. $750

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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Addison, Inc. uses a perpetual inventory system. Information about one inventory item for the month of September follows. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses FIFO, the September 30 inventory is a. $700 b. $650 C. $800 X d. $750
Transcribed Image Text:Addison, Inc. uses a perpetual inventory system. Information about one inventory item for the month of September follows. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses FIFO, the September 30 inventory is a. $700 b. $650 C. $800 X d. $750
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