Current Attempt in Progress Sunland's Staff has the following inventory information. July 1 Beginning Inventory 26 units at $88 5 Purchases 115units at $90 14 Sale 84 units 21 Purchases 63 units at $100 30 Sale 54 units Assuming that a perpetual inventory system is used what is the ending inventory on a FIFO basis?

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...
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Current Attempt in Progress
Sunland's Staff has the following inventory information.
July 1
Beginning Inventory
26 units at $88
5
Purchases
115units at $90
14
Sale
84 units
21
Purchases
63 units at $100
30
Sale
54 units
Assuming that a perpetual inventory system is used what is the ending inventory on a FIFO basis?
Transcribed Image Text:Current Attempt in Progress Sunland's Staff has the following inventory information. July 1 Beginning Inventory 26 units at $88 5 Purchases 115units at $90 14 Sale 84 units 21 Purchases 63 units at $100 30 Sale 54 units Assuming that a perpetual inventory system is used what is the ending inventory on a FIFO basis?
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