Ma1. A company had the following purchases during its first year of operations:JanuaryMaySeptemberOctoberPurchases6 units at $ 1325 units at $ 16.22 units at $ 20Sales9 units at $40Assuming that the company uses the First In First Out (FIFO) as their inventory valuation method. Whatis the value of their ending inventory as of October?

The method of the inventory valuation is used by the company is the first in first out method and…

Answered: Assuming that the company uses the…

Assuming that the company uses the First In First Out (FIFO) as their inventory valuation method. What is the value of their ending inventory as of October?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
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