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During June, the following changes in inventory item 27 took place: June 1 Balance 1,300 units @ $35 14 Purchased 900 units @ $54 24 Purchased 680 units @ $46 8 Sold 340 units @ $71 10 Sold 960 units @ $62 29 Sold 490 units @ $65 Perpetual inventories are maintained. (a) × Your answer is incorrect. What is the cost of the ending inventory for item 27 under the FIFO method? Cost of the ending inventory $ 38980

During June, the following changes in inventory item 27 took place: June 1 Balance 1,300 units @ $35 14 Purchased 900 units @ $54 24 Purchased 680 units @ $46 8 Sold 340 units @ $71 10 Sold 960 units @ $62 29 Sold 490 units @ $65 Perpetual inventories are maintained. (a) × Your answer is incorrect. What is the cost of the ending inventory for item 27 under the FIFO method? Cost of the ending inventory $ 38980

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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During June, the following changes in inventory item 27 took place: June 1 Balance 1,300 units @ $35 14 Purchased 900 units @ $54 24 Purchased 680 units @ $46 8 Sold 340 units @ $71 10 Sold 960 units @ $62 29 Sold 490 units @ $65 Perpetual inventories are maintained. (a) × Your answer is incorrect. What is the cost of the ending inventory for item 27 under the FIFO method? Cost of the ending inventory $ 38980
Transcribed Image Text:During June, the following changes in inventory item 27 took place: June 1 Balance 1,300 units @ $35 14 Purchased 900 units @ $54 24 Purchased 680 units @ $46 8 Sold 340 units @ $71 10 Sold 960 units @ $62 29 Sold 490 units @ $65 Perpetual inventories are maintained. (a) × Your answer is incorrect. What is the cost of the ending inventory for item 27 under the FIFO method? Cost of the ending inventory $ 38980
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