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Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sep. 1 4 10 17 30 Inventory Sold Purchased Sold Purchased 20 units at $20 10 units 30 units at $25 20 units 10 units at $30 If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is a. $650 b. $700 c. $800 d. $750

Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sep. 1 4 10 17 30 Inventory Sold Purchased Sold Purchased 20 units at $20 10 units 30 units at $25 20 units 10 units at $30 If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is a. $650 b. $700 c. $800 d. $750

Intermediate Accounting: Reporting And Analysis
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 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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QUESTION 2 Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sep. 1 4 10 17 30 Inventory Sold Purchased Sold Purchased 20 units at $20 10 units 30 units at $25 20 units 10 units at $30 If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is a. $650 b. $700 c. $800 d. $750
Transcribed Image Text:QUESTION 2 Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sep. 1 4 10 17 30 Inventory Sold Purchased Sold Purchased 20 units at $20 10 units 30 units at $25 20 units 10 units at $30 If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is a. $650 b. $700 c. $800 d. $750
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