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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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