Transactions for the month of June were:PurchasesJune 1(balance)Sales800 @ €3.20June 2600 @ €5.5032,200 @ 3.1061,600 @ 5.5071,200 @ 3.301,000 @ 5.50151,800 @ 3.4010400 @ 6.0022500 @ 3.50181,400 @ 6.0025200 @ 6.0036. Assuming that perpetual inventory records are keptin dollars, the ending inventory on a FIFO basis is?

First In First Out (FIFO): In First-in-First-Out method, the Cost of the initiially purchased items…

Answered: rchases nce) 800 @ €3.20 June 2 2,200 @…

Business

Accounting

rchases nce) 800 @ €3.20 June 2 2,200 @ 3.10 6 1,200 @ 3.30 1,800 @ 3.40 10

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

Transactions for the month of June were:
Purchases
June 1(balance)
Sales
800 @ €3.20
June 2
600 @ €5.50
3
2,200 @ 3.10
6
1,600 @ 5.50
7
1,200 @ 3.30
1,000 @ 5.50
15
1,800 @ 3.40
10
400 @ 6.00
22
500 @ 3.50
18
1,400 @ 6.00
25
200 @ 6.00
36. Assuming that perpetual inventory records are kept
in dollars, the ending inventory on a FIFO basis is?

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