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Coronado Bookstore had 520 units on hand at January 1, costing $6 each. Purchases and sales during the month of January were as follows: Date Jan. 14 17 25 29 O $2780 O $1770. Purchases $2360. O $2950. 210@$8 210@$10 Sales 365@$14 Coronado does not maintain perpetual inventory records. According to a physical count. 295 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is: 280@$16

Coronado Bookstore had 520 units on hand at January 1, costing $6 each. Purchases and sales during the month of January were as follows: Date Jan. 14 17 25 29 O $2780 O $1770. Purchases $2360. O $2950. 210@$8 210@$10 Sales 365@$14 Coronado does not maintain perpetual inventory records. According to a physical count. 295 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is: 280@$16

FINANCIAL ACCOUNTING
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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Coronado Bookstore had 520 units on hand at January 1, costing $6 each. Purchases and sales during the month of January were as follows: Date Jan. 14. 17 25 29 Purchases. O $2780. O $1770. Ⓒ$2360. O $2950. 210@ $8 210@$10 Sales 365 @ $14 280@ $16 Coronado does not maintain perpetual inventory records. According to a physical count. 295 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is:
Transcribed Image Text:Coronado Bookstore had 520 units on hand at January 1, costing $6 each. Purchases and sales during the month of January were as follows: Date Jan. 14. 17 25 29 Purchases. O $2780. O $1770. Ⓒ$2360. O $2950. 210@ $8 210@$10 Sales 365 @ $14 280@ $16 Coronado does not maintain perpetual inventory records. According to a physical count. 295 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is:
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