Assume Huxley has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 166 2.1 Second Purchase 430 3.9 Assuming Huxley sells 261 units at $13 each, what is the value of the ending inventory if FIFO is used

Assume Huxley has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 166 2.1 Second Purchase 430 3.9 Assuming Huxley sells 261 units at $13 each, what is the value of the ending inventory if FIFO is used

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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Question

Assume Huxley has the following purchases of inventory during the first month of operations

	Number of Units	Cost per unit
First Purchase	166	2.1
Second Purchase	430	3.9

Assuming Huxley sells 261 units at $13 each, what is the value of the ending inventory if FIFO is used

Expert Solution

Step 1

FIFO means where the goods purchased first will be sold first and closing inventory will consist of latest purchases.

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