Mason Company uses a periodic inventory system and has the following: Beginning inventory, Sept 1 Purchase, Sept 8 Purchase, Sept 17 Purchase, Sept 28 Units Unit cost 800 900 1700 600 22.00 23.00 24.00 25.00 If 1 000 units are on hand at September 30, the cost of ending inventory under FIFO is:

Mason Company uses a periodic inventory system and has the following: Beginning inventory, Sept 1 Purchase, Sept 8 Purchase, Sept 17 Purchase, Sept 28 Units Unit cost 800 900 1700 600 22.00 23.00 24.00 25.00 If 1 000 units are on hand at September 30, the cost of ending inventory under FIFO is:

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

Mason Company uses a periodic inventory system and has the following:
Beginning inventory, Sept 1
Purchase, Sept 8
Purchase, Sept 17
Purchase, Sept 28
Units Unit cost
800
900
1 700
600
22.00
23.00
24.00
25.00
If 1 000 units are on hand at September 30, the cost of ending inventory under FIFO
is:

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