Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September. If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is Sept 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 O 750 800 700 Answer not shown 650

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September. If Addison uses
FIFO, the cost of the ending merchandise inventory on September 30 is
Sept 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
750
800
O 700
Answer not shown
O 650
Transcribed Image Text:Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September. If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is Sept 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 $30 750 800 O 700 Answer not shown O 650
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