Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs: April 5 $ 10 April 10 April 15 $ 12 $ 14 $16 April 20 April 22 $ 17 One unit is sold on April 25. The company uses the first-in, first-out (FIFO) inventory costing method. Identify the cost of the ending inventory on the balance sheet. Cost of the ending inventory

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs:
April 5
April 10
$ 10
$ 12
$ 14
$ 16
April 15
April 20
April 22
$ 17
One unit is sold on April 25. The company uses the first-in, first-out (FIFO) inventory costing method.
Identify the cost of the ending inventory on the balance sheet.
Cost of the ending inventory
Transcribed Image Text:Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs: April 5 April 10 $ 10 $ 12 $ 14 $ 16 April 15 April 20 April 22 $ 17 One unit is sold on April 25. The company uses the first-in, first-out (FIFO) inventory costing method. Identify the cost of the ending inventory on the balance sheet. Cost of the ending inventory
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