The Hat Store had the following series of transactions for Year 2. Date Description Transaction Beginning inventory January 1 March 15 Purchased May 30 Sold 70 units @ $20.00 205 units @ $24.00 180 units @ $24.00 265 units @ $25.00 340 units @ $39.25 Purchased August 10 November 20 Sold Required a. Determine the quantity and dollar amount of inventory at the end of the year, assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.) Ending inventory: units @

The Hat Store had the following series of transactions for Year 2. Date Description Transaction Beginning inventory January 1 March 15 Purchased May 30 Sold 70 units @ $20.00 205 units @ $24.00 180 units @ $24.00 265 units @ $25.00 340 units @ $39.25 Purchased August 10 November 20 Sold Required a. Determine the quantity and dollar amount of inventory at the end of the year, assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.) Ending inventory: units @

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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The Hat Store had the following series of transactions for Year 2.
Date
Description
Transaction.
Beginning inventory
January 1
March 15
Purchased
May 30
Sold
70 units @ $20.00
205 units @ $24.00
180 units @ $24.00
265 units @ $25.00
340 units @ $39.25
August 10
Purchased
November 20
Sold
Required
a. Determine the quantity and dollar amount of inventory at the end of the year,
assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual
records. (Round your answers to 2 decimal places.)
Ending inventory:
units @

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