Summit Manufacturing had 120 units in beginning inventory at a total cost of $12,600. During the period, the company purchased 250 units at a total cost of $30,000. At the end of the period, Summit had 85 units in ending inventory. Calculate the value of ending inventory using the FIFO method.

Summit Manufacturing had 120 units in beginning inventory at a total cost of $12,600. During the period, the company purchased 250 units at a total cost of $30,000. At the end of the period, Summit had 85 units in ending inventory. Calculate the value of ending inventory using the FIFO method.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 3CE: Use the following information to compute cost of goods sold under the FIFO and LIFO inventory...

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Summit Manufacturing had 120 units in beginning inventory at a total cost of
$12,600. During the period, the company purchased 250 units at a total cost of
$30,000. At the end of the period, Summit had 85 units in ending inventory.
Calculate the value of ending inventory using the FIFO method.

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