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An inventory record shows the following details: 1 February 7 February 14 February 21 February 50 units purchased at a cost of $50 per unit 60 units sold 28 February What is the value of inventory on 28 February using the FIFO method? 50 units in stock at a cost of $40 per unit 100 units purchased at a cost of $45 per unit 80 units sold

An inventory record shows the following details: 1 February 7 February 14 February 21 February 50 units purchased at a cost of $50 per unit 60 units sold 28 February What is the value of inventory on 28 February using the FIFO method? 50 units in stock at a cost of $40 per unit 100 units purchased at a cost of $45 per unit 80 units sold

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An inventory record shows the following details: 1 February 7 February 14 February 21 February 50 units purchased at a cost of $50 60 units sold 28 February What is the value of inventory on 28 February using the FIFO method? 50 units in stock at a cost of $40 per unit 100 units purchased at a cost of $45 per unit 80 units sold per unit
Transcribed Image Text:An inventory record shows the following details: 1 February 7 February 14 February 21 February 50 units purchased at a cost of $50 60 units sold 28 February What is the value of inventory on 28 February using the FIFO method? 50 units in stock at a cost of $40 per unit 100 units purchased at a cost of $45 per unit 80 units sold per unit
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