BC Inc. is a wholesaler of office supplies. The activity for Product X during August is shown below: Date Transaction Units Cost Aug. 1 Inventory 2,000 ₱36.00 7 Purchase 3,000 37.20 12 Sales 3,600 21 Purchase 4,800 38.00 22 Sales 3,800 29 Purchase 1,600 38.80 If ABC Inc. uses a FIFO periodic inventory system, the ending inventory of Product X at August 31 is reported as

BC Inc. is a wholesaler of office supplies. The activity for Product X during August is shown below: Date Transaction Units Cost Aug. 1 Inventory 2,000 ₱36.00 7 Purchase 3,000 37.20 12 Sales 3,600 21 Purchase 4,800 38.00 22 Sales 3,800 29 Purchase 1,600 38.80 If ABC Inc. uses a FIFO periodic inventory system, the ending inventory of Product X at August 31 is reported as

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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