Required Information [The following information applies to the questions displayed below.] Pam's Creations had the following sales and purchase transactions during Year 2. Beginning Inventory consisted of 200 Items at $88 each. The company uses the FIFO cost flow assumption and keeps perpetual Inventory records. Transaction Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Purchased Sold Sold Purchased Sold Description 180 items @$ 98 110 items @$191 195 items @$191 130 items @$103 100 items @$196
Required Information [The following information applies to the questions displayed below.] Pam's Creations had the following sales and purchase transactions during Year 2. Beginning Inventory consisted of 200 Items at $88 each. The company uses the FIFO cost flow assumption and keeps perpetual Inventory records. Transaction Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Purchased Sold Sold Purchased Sold Description 180 items @$ 98 110 items @$191 195 items @$191 130 items @$103 100 items @$196
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku
![Required Information
[The following information applies to the questions displayed below.]
Pam's Creations had the following sales and purchase transactions during Year 2. Beginning Inventory consisted of 200
items at $88 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.
Transaction
Date
Mar. 5
Apr. 10
June 19
Sept. 16
Nov. 28
Purchased
Sold
Sold
Purchased
Sold
Ending inventory
Description
180 items @$ 98
110 items @ $191
195 items @ $191
130 items @ $103
100 items @ $196
c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fff75db39-6bdc-47f9-9a70-884f2ed536ea%2F518e30bd-1aae-429d-b266-6c19e6fae0a9%2Fctu4g1_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
Pam's Creations had the following sales and purchase transactions during Year 2. Beginning Inventory consisted of 200
items at $88 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.
Transaction
Date
Mar. 5
Apr. 10
June 19
Sept. 16
Nov. 28
Purchased
Sold
Sold
Purchased
Sold
Ending inventory
Description
180 items @$ 98
110 items @ $191
195 items @ $191
130 items @ $103
100 items @ $196
c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet.
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