The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 70 units @ $22.50 March 15 Purchased 190 units @ $26.50 May 30 Sold 170 units @ $26.50 August 10 Purchased 255 units @ $27.50 November 20 Sold 335 units @ $38.50 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.)

The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 70 units @ $22.50 March 15 Purchased 190 units @ $26.50 May 30 Sold 170 units @ $26.50 August 10 Purchased 255 units @ $27.50 November 20 Sold 335 units @ $38.50 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.)

Name: Please do not give solution in image format thanku The Hat Store had t
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Description: Please do not give solution in image format thanku The Hat Store had the following series oftransactions for Year 2. Date TransactionDescription January 1 Beginning inventory 70 units@ $22.50 March 15 Purchased 190 units @ $26.50May 30 Sold 170 units

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...

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