Keck Co. had 450 units of product A on hand at January 1, 2015, costing $42 each. Purchases of product A during January were asfollows:DateJan. 101828Units Unit cost600750300$4446484A physical count on January 31, 2015 shows 600 units of product A on hand. Calculate the cost of the inventory at January 31, 2015 underthe FIFO method. (Do not enter commas (,) nor dollar signs ($)) $

The inventory can be valued using FIFO, LIFO and average method. Using FIFO, the oldest inventory is…

Keck Co. had 450 units of product A on hand at January 1, 201 follows: Date Jan. 10 18 28 Units 600 750 300 Unit co $44 46 48 A physical count on January 31, 2015 shows 600 units of proc the FIFO method. (Do not enter commas (,) nor dollar sign

Keck Co. had 450 units of product A on hand at January 1, 201 follows: Date Jan. 10 18 28 Units 600 750 300 Unit co $44 46 48 A physical count on January 31, 2015 shows 600 units of proc the FIFO method. (Do not enter commas (,) nor dollar sign

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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Question

Keck Co. had 450 units of product A on hand at January 1, 2015, costing $42 each. Purchases of product A during January were as
follows:
Date
Jan. 10
18
28
Units Unit cost
600
750
300
$44
46
48
4
A physical count on January 31, 2015 shows 600 units of product A on hand. Calculate the cost of the inventory at January 31, 2015 under
the FIFO method. (Do not enter commas (,) nor dollar signs ($)) $

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