For 7 to 8. January, Eleanor Company recorded the following information regarding its inventory: Units Unit cost Total cost Units on hand Balance on 1/1 9,000 300 2,700,000 9,000 Purchased on 1/9 6,000 250 1,500,000 15,000 Sold on 1/16 11,000 4,000 Sales return 1/17 1,000 5,000 Purchased on 1/22 5,000 400 2,000,000 10,000 Sold on 1/27 4,000 6,000 Purchased on 1/29 5,000 380 1,900,000 11,000 Questions: 7. is the ending inventory of Eleanor Company under FIFO method? a. 4,150,000 a. 3,900,000 b. 4,500,000 c. 4,250,000

For 7 to 8. January, Eleanor Company recorded the following information regarding its inventory: Units Unit cost Total cost Units on hand Balance on 1/1 9,000 300 2,700,000 9,000 Purchased on 1/9 6,000 250 1,500,000 15,000 Sold on 1/16 11,000 4,000 Sales return 1/17 1,000 5,000 Purchased on 1/22 5,000 400 2,000,000 10,000 Sold on 1/27 4,000 6,000 Purchased on 1/29 5,000 380 1,900,000 11,000 Questions: 7. is the ending inventory of Eleanor Company under FIFO method? a. 4,150,000 a. 3,900,000 b. 4,500,000 c. 4,250,000

Name: For 7 to 8. January, Eleanor Company recorded the following informati
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Description: For 7 to 8. January, Eleanor Company recorded the following information regarding its inventory:Units9,000Unit cost300Total cost2,700,000Units on hand9,000Balance on 1/1Purchased on 1/96,0002501,500,00015,000Sold on 1/1611,0004,000Sales return 1/171

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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