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Vulcan Co. uses the perpetual inventory method. The inventory records for Vulcan reflected the following: Jan 1 Beginning Inventory 300 units @ $2.10 Jan 12 400 units @ $2.40 Jan 21 600 units @ $2.50 Jan 31 Sales 800 units @ $5.00 First Purchase Second Purchase Assuming Vulcan uses a FIFO cost flow method, the ending inventory on January 31 is Select one: OA. $980 O B. $1,250

Vulcan Co. uses the perpetual inventory method. The inventory records for Vulcan reflected the following: Jan 1 Beginning Inventory 300 units @ $2.10 Jan 12 400 units @ $2.40 Jan 21 600 units @ $2.50 Jan 31 Sales 800 units @ $5.00 First Purchase Second Purchase Assuming Vulcan uses a FIFO cost flow method, the ending inventory on January 31 is Select one: OA. $980 O B. $1,250

FINANCIAL ACCOUNTING
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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Vulcan Co. uses the perpetual inventory method. The inventory records for Vulcan reflected the following: Jan 1 Beginning Inventory 300 units @ $2.10 Jan 12 400 units @ $2.40 Jan 21 600 units @ $2.50 Jan 31 800 units @ $5.00 First Purchase Second Purchase Sales Assuming Vulcan uses a FIFO cost flow method, the ending inventory on January 31 is Select one: OA. $980 OB. $1,250 O C. $1,110 OD. $880
Transcribed Image Text:Vulcan Co. uses the perpetual inventory method. The inventory records for Vulcan reflected the following: Jan 1 Beginning Inventory 300 units @ $2.10 Jan 12 400 units @ $2.40 Jan 21 600 units @ $2.50 Jan 31 800 units @ $5.00 First Purchase Second Purchase Sales Assuming Vulcan uses a FIFO cost flow method, the ending inventory on January 31 is Select one: OA. $980 OB. $1,250 O C. $1,110 OD. $880
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