The following units of an item were available for sale during the year: Beginning inventory 22 units @ $45 Sale 16 units @ $72 First purchase 30 units @ $48 Sale 23 units @ $73 Second purchase 27 units @ $51 Sale 14 units @ $74 The firm uses the perpetual inventory system, and there are 26 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO?
The following units of an item were available for sale during the year: Beginning inventory 22 units @ $45 Sale 16 units @ $72 First purchase 30 units @ $48 Sale 23 units @ $73 Second purchase 27 units @ $51 Sale 14 units @ $74 The firm uses the perpetual inventory system, and there are 26 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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