A inventory record card shows the following details. February 1 50 units in inventory at a cost of $40 per unit 7 100 units purchased at a cost of $45 per unit 14 80 units sold 21 50 units purchased at a cost of $50 per unit 28 60 units sold What is the value of inventory at 28 February using the FIFO method?
A inventory record card shows the following details. February 1 50 units in inventory at a cost of $40 per unit 7 100 units purchased at a cost of $45 per unit 14 80 units sold 21 50 units purchased at a cost of $50 per unit 28 60 units sold What is the value of inventory at 28 February using the FIFO method?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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A inventory record card shows the following details.
February 1 50 units in inventory at a cost of $40 per unit
7 100 units purchased at a cost of $45 per unit
14 80 units sold
21 50 units purchased at a cost of $50 per unit
28 60 units sold
What is the value of inventory at 28 February using the FIFO method?
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