An organisation's inventory at 1 July is 15 units @ $3.00 each. The following movements occur: • 3 July 20X6 5 units sold at $3.30 each • 8 July 20X6 10 units bought at $3.50 each • 12 July 20X6 8 units sold at $4.00 each Closing inventory at 31 July, using the FIFO method of inventory valuation would be A $31.50 B $36.00 C $39.00 D $41.00
An organisation's inventory at 1 July is 15 units @ $3.00 each. The following movements occur: • 3 July 20X6 5 units sold at $3.30 each • 8 July 20X6 10 units bought at $3.50 each • 12 July 20X6 8 units sold at $4.00 each Closing inventory at 31 July, using the FIFO method of inventory valuation would be A $31.50 B $36.00 C $39.00 D $41.00
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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An organisation's inventory at 1 July is 15 units @ $3.00 each. The following movements occur:
• 3 July 20X6 5 units sold at $3.30 each
• 8 July 20X6 10 units bought at $3.50 each
• 12 July 20X6 8 units sold at $4.00 each
Closing inventory at 31 July, using the FIFO method of
A $31.50
B $36.00
C $39.00
D $41.00
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