st 1 st 5 Beginning Ba Purchase

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On August 15, it sold 62 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale? Use the company's inventory records to answer. a) $525 b) $2,175 c) $545 d) $1,302
August 1
August 5
August 12
Beginning balance
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Purchase
31 units @ $21
26 units @ $20
30 units @ $21
Transcribed Image Text:August 1 August 5 August 12 Beginning balance Purchase Purchase 31 units @ $21 26 units @ $20 30 units @ $21
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