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Eneri Company's inventory records show the following data: Units Unit Cost Inventory January 1 5,000 $9.20 4,500 $8.00 Purchase June 18 Purchase November 8 3,000 $7.00 A physical inventory on December 31 shows 2,000 units on hand. Eneri sells the units for $13 each. The company has an effective tax rate of 20%. Eneri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at: a. $14,000. b. $18,400. c. $16,480. d. $16,133.

Eneri Company's inventory records show the following data: Units Unit Cost Inventory January 1 5,000 $9.20 4,500 $8.00 Purchase June 18 Purchase November 8 3,000 $7.00 A physical inventory on December 31 shows 2,000 units on hand. Eneri sells the units for $13 each. The company has an effective tax rate of 20%. Eneri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at: a. $14,000. b. $18,400. c. $16,480. d. $16,133.

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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Eneri Company's inventory records show the following data: Units Unit Cost Inventory January 1 5,000 $9.20 4,500 $8.00 Purchase June 18 Purchase November 8 3,000 $7.00 A physical inventory on December 31 shows 2,000 units on hand. Eneri sells the units for $13 each. The company has an effective tax rate of 20%. Eneri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at: a. $14,000. b. $18,400. c. $16,480. d. $16,133.
Transcribed Image Text:Eneri Company's inventory records show the following data: Units Unit Cost Inventory January 1 5,000 $9.20 4,500 $8.00 Purchase June 18 Purchase November 8 3,000 $7.00 A physical inventory on December 31 shows 2,000 units on hand. Eneri sells the units for $13 each. The company has an effective tax rate of 20%. Eneri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at: a. $14,000. b. $18,400. c. $16,480. d. $16,133.
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