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During June, the following changes in inventory took place: June 1 Balance 1,400 units @ SR 24 14 Purchased 900 units @ 36 24 Purchased 700 units @ 30 8 Sold 400 units @ 50 10 Sold 1,000 units @ 40

During June, the following changes in inventory took place: June 1 Balance 1,400 units @ SR 24 14 Purchased 900 units @ 36 24 Purchased 700 units @ 30 8 Sold 400 units @ 50 10 Sold 1,000 units @ 40

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 took place: June 1 Balance 1,400 units @ SR 24 14 Purchased 900 units @ 36 24 Purchased 700 units @ 30 8 Sold 400 units @ 50 10 Sold 1,000 units @ 29 Sold 500 units @ Perpetual inventories are maintained in units only. Instructions What is the cost of the ending inventory under the following methods? (Show calculations.) (a) FIFO. (b) Average Cost. 40 44
Transcribed Image Text:During June, the following changes in inventory took place: June 1 Balance 1,400 units @ SR 24 14 Purchased 900 units @ 36 24 Purchased 700 units @ 30 8 Sold 400 units @ 50 10 Sold 1,000 units @ 29 Sold 500 units @ Perpetual inventories are maintained in units only. Instructions What is the cost of the ending inventory under the following methods? (Show calculations.) (a) FIFO. (b) Average Cost. 40 44
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